SeaChange Enhances Board of Directors
August 17 2017 - 6:00PM
SeaChange International, Inc. (NASDAQ:SEAC), announced today that
it has taken significant actions to strengthen its Board of
Directors in response to shareholder feedback, including adding two
new directors and naming a new Board Chair. As part of these
actions, Mark Bonney, an independent director with substantial
experience in turn-around and merger and acquisition situations,
has been appointed to the Board effective immediately, pursuant to
the terms of a cooperation agreement entered into with one of
SeaChange’s largest shareholders, VIEX Capital Advisors. Andy
Sriubas, an experienced strategist and commercial expert in
media and technology, has also been appointed to the board
effective immediately. William Markey has been named Chairman of
the Board and Steven Craddock has decided to retire from the Board.
Mr. Markey stated, “We are very pleased to have strengthened our
board with the addition of Mark and Andy, both of whom bring
skillsets that we believe will be important to enabling SeaChange
to continue its transformation and growth within the evolving media
marketplace. Being responsive to our shareholders is
important, and I appreciate that we have developed a constructive
relationship with Eric Singer at VIEX as part of this effort. We
appreciate his support as we move forward with a shared vision for
executing on the company’s strategy to maximize shareholder value,
which we believe will be facilitated by these board changes.
At the same time, we are grateful to Steve for his five-years of
service on the board of SeaChange, and his many contributions in
assisting in the company’s progress.”
Added Mr. Singer, “I believe the actions the SeaChange board has
taken around reconstitution will ensure the best governance
framework to support the company’s progress in achieving higher
value for all shareholders.”
Mr. Bonney, whose appointment will be presented to shareholders
for a vote at the company’s 2018 annual meeting of stockholders
next year, brings more than 35 years of senior financial and
operational experience with middle-market high tech companies in
the U.S. and abroad. At Black & Decker, and later with Zygo,
Axsys and Direct Brands, he held financial and management roles
leading up to Chief Financial Officer and President and Chief
Operating Officer. He has served as a director of Axsys, American
Bank Note Holographics, Threecore, Inc, ASearch LLC, Sigma Designs,
Zix Corporation and most recently, as President, CEO and a director
of MRV Communications until its sale in August 2017. He is Chairman
Emeritus of the board of the Community Health Center, Inc., in
Connecticut, and founded and served as former Chairman of the Angel
Investor Forum. Mr. Bonney holds a BS degree in Business
Administration from Central Connecticut State College and an MBA in
Finance from the University of Hartford.
Mr. Sriubas’ appointment will be presented to shareholders for a
vote at the company’s annual meeting in 2019. Andy has been an
advisor to the SeaChange board since May 2016, and has chaired the
company’s Advisory Board that works with the management team on
strategic and technology matters. He began his career with Citibank
in media and tech investment banking, and held more senior
investment banking roles at other firms including Donaldson Lufkin
Jenrette, UBS, and JP Morgan, before joining Sonifi as Chief
Strategist and Head of Corporate Development. He presently serves
as Chief Commercial Officer of Outfront Media, the largest
out-of-home advertising company in the U.S. He is a member of the
Advisory Committee of Palisades Growth Capital, and also serves as
an advisor to Secure Mobile Contact System Co. and Tout Inc. He is
also a director of the Jack Kemp Foundation. Mr. Sriubas holds a BS
in Finance from the Carroll School of Management at Boston
College.
About SeaChange InternationalEnabling our
customers to deliver billions of premium video streams across a
matrix of Pay TV and OTT platforms, SeaChange (Nasdaq:SEAC)
empowers service providers, broadcasters, content owners and brand
advertisers to entertain audiences, engage consumers and expand
business opportunities. As a three-time Emmy award-winning
organization with nearly 25 years of experience, we give media
businesses the content management, delivery and monetization
capabilities they need to craft an individualized branded
experience for every viewer that sets the pace for quality and
value worldwide. For more information, please visit
www.schange.com.
Safe Harbor Provision
Any statements contained in this press release that do not
describe historical facts are neither promises nor guarantees and
may constitute “forward-looking statements” as that term is defined
in the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may include words such as “may,”
“might,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential” or “continue,” the
negative of these terms and other comparable terminology. Reference
is made in particular to our statements about the Company’s
transformational efforts, the Company’s strategy to drive value and
the matters to be presented at the Company’s 2018 and 2019 annual
meetings of stockholders. Any such forward-looking statements
contained herein are based on current assumptions, estimates and
expectations, but are subject to a number of known and unknown
risks and significant business, economic and competitive
uncertainties that may cause actual results to differ materially
from expectations. Numerous factors could cause actual future
results to differ materially from current expectations expressed or
implied by such forward-looking statements. These risks and other
risk factors that could cause actual results to differ from those
anticipated are detailed in various publicly available documents
filed by the Company from time to time with the Securities and
Exchange Commission (SEC), which are available at www.sec.gov,
including but not limited to, such information appearing under the
caption “Risk Factors” in the Company’s Annual Report on Form 10-K
filed with the SEC on April 17, 2017. Any forward-looking
statements should be considered in light of those risk factors. The
Company cautions readers not to rely on any such forward-looking
statements, which speak only as of the date they are made. The
Company disclaims any intent or obligation to publicly update or
revise any such forward-looking statements to reflect any change in
Company expectations or future events, conditions or circumstances
on which any such forward-looking statements may be based, or that
may affect the likelihood that actual results may differ from those
set forth in such forward-looking statements.
Contact:
Investors
Mary T. Conway
Conway Communications
+781-772-1679
marytconway@comcast.net
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