KIT digital Implements Management Change, Peter Heiland Appointed CEO
"I look forward to working with my colleagues at KIT digital to continue delivering value to our leading broadband media customers around the world," said Mr. Heiland. "When I joined the Board earlier this month, I did so with the objectives of helping to bring the strategic transaction process to a resolution and helping to ensure that KIT digital was positioned for long-term profitable growth. Together with the Board, newly appointed CFO Fabrice Hamaide, and the rest of KIT digital's outstanding team of industry-leading professionals, achieving these objectives remains our top priority."
Through various entities, Mr. Heiland owns approximately 8% of the outstanding shares of KIT digital. Mr. Heiland is a Managing Director of JEC Capital Partners, LLC, a technology focused investment firm that was founded in 2009. Prior to founding JEC Capital Partners, he spent 22 years operating a global technology company. He has also served on boards of public and private technology companies, including GSI Group and Integrated Dynamics Engineering.
Speaking on behalf of the Board, non-executive Chairman Bill Russell said, "We believe that Peter is the right person to step in and, with ongoing Board input, help make key decisions that serve the common interests of our shareholders, customers, and employees. As a Board, we have been impressed with Peter's management skills, his leadership and his track record of building and operating profitable technology companies as a CEO and as a board member."
Russell continued, "We are also grateful to Barak Bar-Cohen for his service to the company over the past four years. His leadership as an officer has been imperative in resetting the strategic course for KIT digital, and we look forward to his continued involvement as a director."
KIT digital on Wednesday announced that the company was selected to design, build, and manage a new, state-of-the-art digital cable television distribution platform for India in a new 5-year engagement valued at $15 million contract that includes 5 years of ongoing system maintenance. The company was also named the leader in the content management systems market for large IPTV operators by ABI Research, a market intelligence company specializing in global technology markets.
The entire Board will continue to manage the company's ongoing strategic process to a conclusion.
Source: KIT digital, Inc.
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