SeaChange welcomes new leaders

Acton, Massachusetts – SeaChange International, Inc., a global multi-screen video software company, today announced the appointment of technology executive and SeaChange board member Raghu Rau as interim CEO, effective immediately. This news follows the retirement of the company founder, chairman, and CEO Bill Styslinger. Thomas Olson, former CEO of Katz Media Group and National Cable Media and a former SeaChange lead director, who currently serves on the company's board of directors, has been named chairman of the board. SeaChange also announced the board would immediately engage a search firm to identify a permanent CEO. As previously disclosed, the company will announce its fiscal 2012 third quarter financial results on 8 December after the market closes. The company currently expects to report third quarter revenues of $52 to $53 million, which is within its previously provided guidance, and non-GAAP EPS of $0.10 to $0.11 per share. “We would like to express our appreciation to Bill Styslinger for founding SeaChange and leading the Company to become a global leader in multi-screen video solutions and growing it into a software focused, profitable, debt-free company,” noted Thomas Olson.