Qumu Announces CFO Transition Plan
August 30 2021 - 8:00AM
Business Wire
Qumu Corporation (Nasdaq: QUMU), a leading provider of
cloud-based enterprise video technology, announced today that Dave
Ristow will be stepping down from his position as Chief Financial
Officer of the Company, effective September 10, 2021, to pursue a
new CFO opportunity with a technology company in the pharmaceutical
industry.
With support from the Board of Directors, Qumu has initiated a
search for a new CFO and will provide updates as they become
available. Beginning September 10, 2021, Matt Walker, Qumu’s
corporate controller since November 2015, will serve as the
Company’s interim principal accounting officer and principal
financial officer until Qumu’s external CFO search is complete.
“Over the past four years Dave has capably assisted in
transitioning Qumu from its legacy business to the SaaS focused
enterprise we are today,” said Company Chief Executive Officer TJ
Kennedy. “During Dave’s tenure, he has helped improve our balance
sheet through several successful equity raises, led our debt
reduction efforts, and built a steady financial planning and
accounting team at Qumu. As we begin the process of identifying his
successor, we are in experienced, steady hands with our current
corporate finance team remaining in place. On behalf of the board
and our entire organization, I’d like to thank Dave for his
contributions and wish him success in his new endeavor.”
Ristow added: “Qumu has undergone a significant evolution since
I arrived four years ago with the last few months in particular
having been a transformational period to set up the future success
of our business. While that development remains ongoing, the
financial, operational and organizational structure we have today
will provide a solid foundation for our transition to a
sustainable, high-growth and SaaS-first business. I believe
strongly that Qumu’s best days are ahead, and I appreciate the
consideration of the board and management team as I pursue this
next opportunity.”
In order to ensure Qumu continues its progress on its SaaS
transformation and strategic roadmap, Qumu will engage Mark Culhane
as a consultant. Mr. Culhane is a long-time software executive.
About Qumu Corporation
Qumu (Nasdaq: QUMU) empowers hyper-distributed organizations to
leverage the full power of video to move forward, faster. Qumu’s
Video Engagement platform helps businesses build connectedness and
shape a culture that is more engaged, motivated, and aligned to
drive impact in a work from wherever, whenever world.
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