SeaChange to Remain Standalone Company; CEO Retires
-- VOD Technology Vendor Reduces Earnings Estimates
After exploring a sale, video-on-demand vendor SeaChange International said Wednesday that it will remain a standalone technology supplier.
But the Acton, Mass.-based company said founder and CEO Bill Styslinger is retiring, and it also reduced its earnings estimates for its fiscal third quarter of 2012. SeaChange said it expects to post third-quarter earnings of 10 cents to 11 cents per share, down from its previous estimate of 16 cents to 22 cents per share. SeaChange said it expects to generate about $52 million to $53 million in revenue during the third quarter.
SeaChange named former Motorola executive Raghu Rau interim CEO, and it named former Katz Media Group and National Cable Media executive Thomas Olson chairman of its board. It is conducting a search for permanent CEO. More