Jay Samit is out as CEO at pay-TV video services vendor SeaChange. According to a company announcement deftly blended with its fiscal 2016 earnings release, company veteran Edward Terino has been tapped to take his place.
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A veteran digital media executive, Samit had been in his position only since October 2014, after having served as president of social video chat service Oovoo.
SeaChange, however, hasn't been able to spur revenue momentum under his watch. The company reported revenue of $27.2 million for fiscal 2016 fourth quarter, down from $31.3 million in the year-ago period. This performance came after SeaChange laid off 10 percent of its workforce and restructured under Samit in February 2015.
As for Terino, he's been on the company board since 2010 and has been serving as COO since last June.
"Since joining the team as COO, Ed's performed a crucial role in driving SeaChange's operations to far greater efficiency, quality and strategic orientation toward profitability and growth," said Steve Craddock, board chairman of SeaChange, in a statement. "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."
Terino led the proceedings for SeaChange's earnings report Thursday.
"While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year," he said to investors. "As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalize on our core competencies in video delivery, content management and monetization.
For more:
- read this Multichannel News story
- read this Reuters brief
- read this SeaChange earnings release
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