SeaChange replaces CEO amid $48M in yearly losses
PHOTO/COURTESY
Jay Samit, CEO of SeaChange International of Acton has been replaced.
SeaChange International has replaced its CEO as the company posted a fiscal 2016 operating loss of $48.2 million, nearly double the losses from the previous year.
The Acton multi-screen companymade the announcement Chief Operating Officer Edward Terino took over for CEO Jay Samit on April 6. Terino has served as the company’s COO since June last year.
The company had hired Samit in 2014 and did not give reason for the change.
SeaChange reported wide losses in 2015. For the 2016 fiscal year, the company posted revenues of $107 million, but an operating loss of $48.2 million, or $1.44 per basic share, compared to revenues of $115.4 million and an operating loss of $26.5 million, or $0.81 per basic share, from operations in 2015.
Company officials were disappointed in the performance for the year, according to Terino, but the company did complete operational efficiencies during the year that included restructuring the company’s Timeline Labs operations and terminating Samit. These moves combined will result in savings of $7 million annually, according to Chief Financial Officer Anthony Dias. Dias said that for fiscal 2017, the company expects to have an operating income of $0.05 to $0.15 per fully diluted share.
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