Via News Release
“MINNEAPOLIS — Qumu Corporation 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.”
“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.”