After ousting former CEO Jay Samit, multiscreen video specialist SeaChange International is now looking to forge a new trail forward under a new CEO, Edward Terino, who spent a good chunk of Thursday’s earnings call explaining how the company intends to get the company back on track.
SeaChange, the subject of M&A rumors in recent years, clearly has some work to do in order to regain the confidence of investors. In the wake of Thursday’s CEO change alongside a disappointing, wider Q4 loss, shares in the company dove 31.12% ($1.73) to $3.83 each in mid-day trading Friday.
Terino, who joined SeaChange as COO last year, said he has been spending time with SeaChange’s customers to get a better fix on their current requirements and how SeaChange can better serve and support their future needs.
“Clearly, our number one challenge is execution,” he said, later pointing to the company’s core competency in video backoffice systems, content management and advanced advertising products, and a plan to improve the company’s marketing and sales efforts, including a new inside sales team to drive lead generation and a sales team that will be dedicated on OTT opportunities.
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