Synacor Names New CEO

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Amid battles involving two investors and company chmn Jordon Levy, Synacor appointed Himesh Bhise as the new CEO, succeeding Ron Frankel. Bhise most recently led new services and platforms for Comcast Cable. Previously, he was gm of Charter ’s HSI services. The appointment concludes a transition process that started in March when Frankel announced he would step down from the position he has held since 2001. He will continue to serve as company advisor and remain on the board. Two investors, JEC Capital and Ratio Capital, which together own 9.8% of Synacor’s common stock, want the resignation of Levy and the addition of 2 new dirs to the board, claiming Levy led the board “into making decisions that are a mockery of proper corporate governance.” The pair argued the company’s undervalued and could benefit from a 3rd-party strategic transaction. Levy, on the other hand, questioned the motives of the investors and actions of JEC Capital Partners, which he said is affiliated with Peter Heiland. Levy has pointed out that Heiland is both a managing dir of JEC and the interim CEO of a company with similar customers to Synacor.

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