SeaChange International has added two seats to its board of directors and appointed Edward Terino, president of GET Advisory Services and Raghu Rau, a strategic financial advisor for high tech companies to fill them as part of a settlement with Ramius, an investment advisory firm that owns 6.9 percent of SeaChange's stock.
Ramius had been pushing for a more active role in the company's business, which is evolving and restructuring to improve margins for its software business. SeaChange recently laid off five percent of its workforce (64 employees). As part of the expanded board arrangement, Ramius agreed it would support the board's nominees for election at the 2010 annual shareholders' meeting and not offer up its own candidates.
Bill Styslinger, chairman-CEO of SeaChange, said in a news release that the company welcomes "open dialogue with and input from our shareholders" and continues to "explore strategic actions with regard to our portfolio of businesses in order to deepen our focus on software."
Among the recent changes at the software vendor was the appointment of long-time engineering manager Yvette Kanouff to the position of president.
- see the release
A Q&A with new SeaChange President Yvette Kanouff
Demand for VOD software helps SeaChange to post strong quarter