Enterprise Software Veteran Tapped to Lead Cloud Video Market Leader
BOSTON--(BUSINESS WIRE)--Apr. 11, 2018--
Brightcove Inc. (Nasdaq: BCOV), the leading provider of cloud services
for video, announced today that its Board of Directors (the “Board”) has
appointed Hugh Jefferson (Jeff) Ray III to serve as the Company’s next
Chief Executive Officer, effective immediately.
Mr. Ray succeeds Acting CEO Andy Feinberg, who has held the executive
position since 2017, while a search was undertaken for a permanent
replacement. Mr. Feinberg will resume his role as the Company’s
President and COO.
“The Board was impressed with Jeff’s decades-long track record of
accomplishments as a CEO and senior executive. That, combined with his
extensive technology leadership experience made him the ideal candidate
to serve as Brightcove’s CEO,” said Gary Haroian, Chairman of the Board.
“Time and time again, Jeff has demonstrated an ability to enhance
go-to-market strategies, scale enterprises and expand business
opportunities at global technology companies. Jeff’s deep operational
and enterprise sales experience will be instrumental in positioning
Brightcove for improved market share and long-term, profitable growth.”
Commenting on his appointment, Mr. Ray stated, “I am incredibly
optimistic about the opportunity in front of Brightcove. Internet video
traffic will grow fourfold from 2016 to 2021, reaching 82% of all global
consumer internet traffic. This explosion in video consumption is
creating tremendous opportunities – and challenges – for companies
around the world. More and more of these organizations are turning to
Brightcove for innovative technology, deep video expertise, and our
obsession with customer success to realize these opportunities. The
Company’s market leading portfolio of video solutions, blue chip
customer base, and exceptional workforce provide a solid foundation upon
which to move forward. I'm excited to work with the team to build on the
strong market momentum they have already created.”
Mr. Haroian continued, “On behalf of the entire Board, I want to thank
Andy Feinberg for the leadership and expertise he displayed during his
role as Acting CEO over the past nine months. Against the backdrop of
his proven leadership and the significant contributions he has made at
Brightcove over the past 13 years, his success in this position comes as
Jeff Ray has
excelled in executive leadership roles at multiple enterprise technology
companies of scale, including Ellucian, Ventyx (acquired by ABB), DS
SolidWorks, Progress Software, and Compuware. At Ellucian, Jeff
successfully transitioned the business from a combination of multiple
premise-based software companies to a cloud-based SaaS leader of
solutions designed to enable colleges and universities do a better job
of helping their students succeed. At SolidWorks, he grew revenues by
300%, expanded margins by 50%, and tripled the installed user base.
While he was at Progress Software, the business grew 20% each year and
the share price more than doubled. At Ventyx, Jeff ran operations across
80 countries and 2,500 employees, growing annual revenues to over $520m.
And at IBM, where he started after graduating from Texas A&M University,
Jeff quickly rose through the organization, holding numerous leadership
Inc. (NASDAQ:BCOV) is the leading global provider of powerful cloud
solutions for delivering and monetizing video across connected devices.
The company offers a full suite of products and services that reduce the
cost and complexity associated with publishing, distributing, measuring
and monetizing video across devices. Brightcove has thousands of
customers in over 70 countries that rely on the company's cloud
solutions to successfully publish high-quality video experiences to
audiences everywhere. To learn more, visit www.brightcove.com.
press release may include forward-looking statements regarding
anticipated objectives, growth and/or expected product and service
developments or enhancements. Such forward-looking statements may be
identified by the use of the following words (among others): "believes,"
"expects," "may," "will," "plan," "should" or "anticipates," or
comparable words and their negatives. These forward-looking statements
are not guarantees but are subject to risks and uncertainties that could
cause actual results to differ materially from the expectations
contained in these statements. For a discussion of such risks and
uncertainties, see "Risk Factors" in the Company's filings with the
Securities and Exchange Commission, including its most recent annual
report on Form 10-K. Brightcove assumes no obligation to update any
forward-looking statements contained in this press release in the event
of changing circumstances or otherwise, and such statements are current
only as of the date they are made.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180411006202/en/
Source: Brightcove Inc.
ICR for Brightcove
Brian Denyeau, 646-277-1251
Neil Lieberman, 617-510-6346