Qumu Announces CEO Transition
October 19 2015 - 9:08AM
Business Wire
Third quarter earnings call scheduled for November 5, 2015
Qumu Corporation (NASDAQ:QUMU) today announced that Vern
Hanzlik, currently President and Chief Operating Officer, will
succeed Sherman L. Black to become President and Chief
Executive Officer, effective October 19, 2015. Mr. Hanzlik
will be appointed to the Board of Directors effective with his
appointment as Chief Executive Officer to replace Mr. Black who
will resign from the Board at that time. The CEO transition is
being implemented as part of Qumu’s planned succession process.
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Qumu President and CEO Vern Hanzlik
(Photo: Business Wire)
“This CEO transition reflects a key moment in Qumu’s continued
transformation as it increasingly focuses on execution and
accelerated performance now that the strategic foundation has been
established,” said Robert Olson, Chairman of the Board. “With
Sherman’s leadership through the acquisitions of Qumu, Inc. and
Kulu Valley and the sale of the disc publishing business, Sherman
has been instrumental in Qumu’s transformation and in creating the
strategic foundation in place today. On behalf of the Board of
Directors, we thank Sherman for his many contributions to Qumu over
the last six years.”
“It has been a privilege to lead Qumu as CEO for the last six
years, and I am very proud of our team's accomplishments,” said Mr.
Black. “I believe Qumu is poised to capitalize on the strong and
growing market for video in the enterprise with our best-in-class
software solutions and our improved execution. Over the last few
years Vern and I have laid the groundwork for a smooth transition,
and I believe this is the right time to initiate the change. I want
to thank my fellow directors and our employees for their support
during my time with the company. As a shareholder I am confident
that Qumu is well positioned for the next phase of growth.”
Mr. Hanzlik, President and CEO of Qumu stated, “I would like to
thank Sherman for his partnership over the last three years as we
have transitioned the organization into an enterprise software
company and a global leader in enterprise video. I am very excited
for the opportunity to lead Qumu and to continue to pursue the
large market opportunity that we have in front of us. In the third
quarter of 2015 we continued to win large enterprise transactions
within global organizations. Additionally, we have recently
successfully implemented a thoughtful and aggressive expense
reduction program that is expected to result in excess of $7
million in annualized expense reductions. This allows us to move
into 2016 well positioned to obtain our goal of cash flow breakeven
during the year while continuing to achieve our growth
objectives.”
“I look forward to reporting Qumu’s third quarter 2015 financial
results after the close of market on Thursday, November 5, 2015 and
to providing greater insight into our plans for Qumu’s future.”
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Any statements contained
in this press release that are not statements of historical fact
may be deemed to be forward-looking statements. Without limiting
the foregoing, words such as “ may,” “ will,” “ expect,” “
believe,” “ anticipate,” or “ estimate” or comparable terminology
are intended to identify forward-looking statements. Such
forward-looking statements include, for example, statements about:
the Company’s future revenue and operating performance and the
timing and impact of expense reduction efforts. The statements made
by the Company are based upon management’s current expectations and
are subject to certain risks and uncertainties that could cause the
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include
the risk factors described in the Company’ s Annual Report on Form
10-K for the year ended December 31, 2014 and other factors set
forth in the Company’ s filings with the Securities and Exchange
Commission.
About Qumu
Video is today’s document. Qumu Corporation (NASDAQ: QUMU)
provides the tools businesses need to create, manage, secure,
deliver and measure the success of their videos. Qumu's innovative
solutions release the power in video to engage and empower
employees, partners and clients. Organizations around the world
realize the greatest possible value from video they create and
publish using Qumu. Whatever the audience size, viewer device or
network configuration, Qumu solutions are how business does video.
Additional information can be found at www.qumu.com.
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Investor Contacts:Qumu CorporationPeter J. Goepfrich,
612-638-9096CFO
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