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KIT digital Reconstitutes Board of Directors

02.07.2012 08:44
<< Back 06/29/12 KIT digital Reconstitutes Board of Directors William V. Russell and Greg B. Petersen to Join Board; Daniel W. Hart and Lars Kroijer to Step Down NEW YORK, NY and PRAGUE, CZECH REPUBLIC, Jun 29, 2012 (MARKETWIRE via COMTEX) --KIT digital, Inc. (NASDAQ: KITD), a leading video management software and services company, today announced it has taken significant steps in support of the future of the company by reconstituting its Board of Directors with the election of two new independent members and the resignation of two current members of the Board.

William V. Russell is joining the Board as non-executive Chairman. Mr. Russell is a veteran technology industry leader with 23 years in executive management at Hewlett-Packard, including as General Manager of its Enterprise Systems and Software Solutions groups. He has extensive experience serving on the boards of public and private technology companies, including those of PROS Holdings Inc., Saba Software Inc., webMethods, and Cognos.

Greg B. Petersen joins as a Director, the Chairman of the Audit Committee, and a member of the Strategic Transaction Committee. Mr. Petersen has an extensive background as a technology company Chief Financial Officer and significant M&A and public audit committee experience.

"This is an important milestone in our process that began several months ago, and we are especially pleased to add seasoned directors like Bill and Greg who have such deep operating experience and financial acumen," said Chief Executive Officer Barak Bar-Cohen. "They each have served on both public and private boards and in high-level executive positions at other technology and software companies ranging from small-cap to large-scale software firms. Their commitment represents a strong vote of confidence in our company, its successes to date and outlook for the future."

"Greg and I are very pleased to join the continuing members of the KIT digital Board and add the benefit of our experience to the decisions that must be made as the company continues its process of transition," said Mr. Russell. "We believe that this organization is uniquely positioned to provide transformative video software and services to major companies globally, and we are determined to help KIT digital as it seeks to realize its great potential."

The company and the KIT digital Board of Directors thank departing members Daniel W. Hart and Lars Kroijer for their service. Messrs. Hart and Kroijer had served on the Board since 2008. Their resignations did not result from any disagreement with the company concerning any matter relating to the company's operations, policies or practices.

As KIT digital takes steps to enhance its Board of Directors, the company seeks to continue its efforts regarding corporate governance and strategic matters in order to advance the interests of all the company's shareholders. The company is also continuing its search for additional qualified independent directors to help guide and grow its business, and intends to continue to converse with JEC II Associates, Costa Brava Partnership III and other shareholders about these matters.

"Today's announcement of a reconstituted Board of Directors reflects the company's determination to take direct and well-considered steps for our shareholders. To that end, we look forward to Greg's service on the Board's Strategic Transaction Committee," Mr. Bar-Cohen said. "Operationally, we remain dedicated to providing our new and existing customers with our unparalleled combination of broadcast-grade video management software, world-class professional services, and highly experienced deployment capabilities."

Source: KIT digital, Inc.

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