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.
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“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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