SeaChange International appointed Edward Terino to CEO, effective April 6. This immediately followed the SeaChange board of directors’ termination of the employment of prior CEO Jay Samit.
Terino had previously served as the company’s COO, beginning June 2015, with global responsibility for product development, engineering, services, sales and marketing. He will continue to serve on SeaChange’s board, which he joined in 2010. Terino’s track record in C-level corporate strategy, execution and board participation spans ten public companies, including six business-to-business enterprise-level software providers in addition to SeaChange.
On Thursday, SeaChange reported fourth quarter fiscal 2016 revenue of $27.2 million and U.S. GAAP loss from operations of $22.1 million, or 66 cents per basic share.
“While we are disappointed in our fiscal 2016 financial performance, we did make significant operational improvements during the year,” Terino says. “As we enter fiscal 2017, we intend to further increase operational efficiencies and deliver new software product innovations that capitalize on our core competencies in video delivery, content management and monetization.”