SAN FRANCISCO,
May 12, 2017 /PRNewswire/ -- Tenzing
Global Management, LLC ("Tenzing Global"), a significant, long-term
stockholder of Brightcove, Inc. (Nasdaq: BCOV) ("Brightcove" or the
"Company"), today reiterated its demand that the Board ask for the
immediate resignation of David Mendels as CEO and director of
Brightcove, given the results at the 2017 Annual Meeting.
Tenzing Global urged stockholders to reject the following
directors:
- David Mendels, Chief Executive Officer of Brightcove and
a director since October
2008
- Derek Harrar, a director
since January 2014
The votes tallied from the 2017 Annual Meeting show that
immediate change is warranted: less than a majority of outstanding
shares supported the re-election of the Company's CEO:
|
|
Votes
For
|
|
|
|
Year
|
Director
|
Votes
For
|
% of common
stock outstanding
|
Votes
Withheld
|
Broker
Non-Votes
|
Common Stock
Outstanding (per proxy)
|
2017
|
David
Mendels
|
15,753,486
|
46.0%
|
9,834,457
|
5,372,728
|
34,239,755
|
|
Derek
Harrar
|
15,727,695
|
45.9%
|
9,860,248
|
5,372,728
|
34,239,755
|
2014
|
David
Mendels
|
20,866,627
|
65.1%
|
309,635
|
6,685,867
|
32,038,029
|
|
Derek
Harrar
|
21,010,914
|
65.6%
|
165,348
|
6,685,867
|
32,038,029
|
Chet Kapoor, Portfolio
Manager and Managing Partner of Tenzing Global, said, "Only two
days prior to the Annual Meeting, we publicly demanded change and
urged fellow stockholders to reject the re-election of CEO
David Mendels and Derek Harrar. The stockholders spoke, with each
director failing to receive the support of a majority of
outstanding shares and a company record-setting number of votes
withheld. It has become clear that the Company's stockholders share
our deep frustration with the status quo and demand change now,
including replacing a struggling CEO and ineffective Board
members."
Mr. Kapoor continued, "To have lost such a significant
amount of support in only a couple days serves to show the level of
discontent with CEO David Mendels
and the Board. We believe this discontent will only grow. We urge
the Board to ask for the immediate resignation of Mr. Mendels as
CEO, and to reconstitute itself with new directors who have a
vested interest in creating sustainable stockholder value over the
long-term. These new directors should lead the CEO search process
to retain a proven executive at generating profitable growth. We
are confident that large, long-term stockholders agree with Tenzing
Global. We would like to reiterate that our concern pertains only
to the struggling CEO and Board at Brightcove, and not to the
Company or its dedicated employees, which we believe provide the
leading online video platform and solutions."
About Tenzing Global
Management
Tenzing Global Management, LLC is an
independent investment firm founded in 2011 based in San Francisco.
Contact Details
Chet Kapoor & Asher
Qureshi
Tenzing Global Management, LLC
(415) 645-2400
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/brightcove-director-election-results-indicate-that-less-than-a-majority-of-outstanding-shares-supported-the-election-of-david-mendels-and-derek-harrar-at-the-2017-annual-meeting-300456747.html
SOURCE Tenzing Global Management, LLC