Harmonic has announced that a strategic review of its video business has found current market conditions “do not support its value creation objectives”.
The video technology company says it will focus on scalable market opportunities, streamlining operations and optimising its cost structure.
The strategy will be led by a new chief executive after Harmonic simultaneously announced the retirement of Patrick Harshman as its President and chief executive officer.
Harshmann will step down on June 11, 2024, to be replaced by Nimrod Ben-Natan, the current Senior Vice President and General Manager of Harmonic’s Broadband business.
Ben-Natan joined Harmonic in 1996 as a software engineer to design and develop its first-generation video transmission platform. He has led Harmonic’s Broadband business as Senior Vice President and General Manager since 2012.
“On behalf of the entire Board, I’d like to thank Patrick for his leadership and service to Harmonic, guiding the Company through multiple strategic transformations over the years,” said Patrick Gallagher, Chair of the Harmonic Board of Directors.
Harshmann said that leading Harmonic had been the privilege of a lifetime: “Together, we strategically re-positioned the Company as a worldwide leader in next-generation broadband solutions and video streaming and delivery solutions, successfully expanding our customer base, international presence and product portfolio.”
He added that Ben-Nathan was “ideally suited” to lead Harmonic.
