SeaChange’s founder and CEO Bill Styslinger has left the company “effective immediately”, with SeaChange citing a “leadership transition”. Board member Raghu Rau has been named interim CEO pending a wider search for a new CEO.
SeaChange said that the changes come about as part of an evaluation of strategic alternatives. “After an extensive review of strategic alternatives, the board has decided that it is in the best interest of shareholders to continue as a standalone publicly traded company. The Company is focused on significantly improving and streamlining operations, and the board will continue to evaluate alternatives for certain non-core businesses.”
“Having been on the board for more than a year and witnessing the exciting pipeline of new, innovative products, I am very optimistic about the future prospects for SeaChange,” said Raghu Rau. “My immediate focus will be to act with a sense of urgency to drive shareholder value by focusing on improving financial performance, operational excellence and delivering exciting, high-quality, next generation products to our customers. I look forward to sharing more details during our earnings call next week.”
More news will likely emerge on December 8th when SeaChange announces its Q3 results. SeaChange supplies many of the world’s leading pay-TV operators with VOD technology.