SeaChange Prez Departs, Cost Cuts Taken
On the heels of the company’s announcement of $5 million worth of annualized cost cuts in the fourth quarter of its fiscal year, SeaChange President Yvette Kanouff left the fold and will not be replaced.
Kanouff served in a variety of roles at SeaChange since joining the company in 1997, including chief strategy officer, before being named president.
“Over the past few months, Yvette has been discussing her desire to pursue other interests, and we support that and wish her well,” said CEO Raghu Rau in a statement. “We sincerely thank Yvette for her years of dedication to SeaChange, her technical knowledge and her contributions toward building the Company’s video-on-demand business,”
Added Kanouff, “I’m proud that I played a significant role in establishing SeaChange as a leader in video-on-demand worldwide and in transitioning from a hardware-centric to a software-centric company. I think SeaChange is well-positioned for the future; however, it is the right time for me to move on, and I look forward to my next endeavor.”
Earlier this week, SeaChange actions in the fourth quarter of fiscal year 2012 that will result in more than $5 million in annualized cost reductions. “These cost reductions come principally from headcount reductions related to streamlining operations and reducing the overall cost structure of the company,” it said. “The Company will incur restructuring and severance charges in the fourth quarter reflecting these actions.”?
Rau commented, “As we realign our resources to focus on delivering on customer commitments, we have targeted operating cost reductions as well as some facility rationalization. It is important to note, however, that our commitment to research and development remains strong, and we continue to invest heavily in innovative, next generation solutions that will provide significant competitive advantage to our customers.”?
