Turino (left) replaces Samit as SeaChange CEO
SeaChange says it has terminated the appointment of CEO Jay Samit after less than two years in post.
The software company has appointed Edward Terino as its new CEO; Terino was previously chief operating officer, having been on the board of directors since 2010.
The reasons for the dismissal of Samit, the self-styled serial entrepreneur and disrupter are unclear, but the board will not have been happy with the performance of social media analytics firm Timeline Labs. SeaChange said the combination of a restructured Timeline and the termination of Samit’s contract would result in annual savings of $7 million (€6.15 million).
Steve Craddock, Board Chairman, SeaChange said replacement Edward Terino had already performed a crucial role in driving SeaChange’s operations to far greater efficiency. “This rigorous commitment to strengthening our fundamentals has translated into increasing customer success and assurance for SeaChange’s long-term position as provider of the premier delivery, management and monetization software solutions for television service providers and emerging video markets.”
SeaChange reported fourth quarter 2016 revenues of $27.2 million and an operational loss of $22.1 million. Full year results delivered revenues of 107.0 million and a loss of $26.5 million.
Terino said the results were disappointing and that the company would look to leverage its R&D work as well as seeking to better control spending.
