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KIT Digital founder steps down in midst of 'post-consolidation' phase

KIT Digital founder Kaleil Isaza Tuzman has stepped down as chairman of the company - a leading global provider of video asset management solutions for multi-screen IP-based delivery - just days after resigning as CEO to take on the chairman's role full time. The company had announced a management restructure on 23 March that saw the departure of four directors and the appointment of an interim CEO.

In a statement, Wayne Walker, lead independent director for KIT digital, said: "As Kaleil's relationship with the Company as an officer and director comes to an end, we want to once again express appreciation for his contributions over the years. We believe in and support our management team which continues to focus on operations, cash flow growth and overall execution in what we consider to be a post-consolidation phase of KIT digital?s lifecycle."

The company's revenues have soared in recent quarters, due in part to the rising popularity of online videos, but shares fell to a record low in Prague trading following Tuzman?s resignation.

A series of acquisitions made by KIT have included UK-based Megahertz Broadcast Systems, a $2.7m deal concluded at IBC 2010; Czech authoring and post-production facility Brickbox Digital Media and International Digital Management (IDM), in September 2010, in which Brickbox had previously purchased a significant stake; cloud-based video provider ioko365 for $79.4 million, in April 2011 and in October last year, another Czech company, Digital Media Production (DMP), a leading DVD/Blu-ray production and post facility in Central Europe.

Story filed 17.04.12

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