Signaling a major management transition for struggling pay-TV multiscreen vendor Synacor, former CEO Ron Frankel has stepped down from the board of directors.
The departure of Frankel, who served as CEO of the Buffalo, N.Y.-based technology company from 2001 to earlier this year, according to a company announcement, "signals the next phase of Synacor's transition under the leadership of (its) newly appointed CEO," veteran pay-TV executive Himesh Bhise, whose hiring was announced Aug. 5.
Frankel's departure comes amid cratering sales and share pricing for Synacor, which has seen its stock price drop from a high of $16.14 a share in July 2012 to just under $2 as of Wednesday-afternoon trading.
Two dissonant institutional shareholders, JEC Capital Partners and Ratio Capital Management, have been trying to oust the board and sell the company. Controlling 9.8 percent of Synacor shares, they've also voiced opposition to Bhise's hiring.
Under chairman Jordan Levy and longtime director Andrew Kau, Synacor's management has preached patience, believing that the continued proliferation of pay-TV's TV Everywhere initiative will ultimately pull Synacor out of its spiral.
For more:
- read this Buffalo News report
- read this Multichannel News report
Related links:
Dissonant Synacor shareholders: 'We'll pay for meeting to oust board'
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