KIT Digital Chairman Resigns, Cites Differences With Board of Directors Over Strategic Sales Process

Posted by Joe Zaller
Apr 25 2012

Former KIT Digital CEO Kaleil Isaza Tuzman resigned from his position as the company’s non-executive chairman.  The announcement was made last week, on the first day of the NAB trade show.

Tuzman, who oversaw an aggressive M&A program at KIT Digital, recently stepped down as down as the company’s CEO as part of a management shake-up, which also involved the resignation of four directors from the company’s board.

In his resignation letter to KIT Digital’s board of directors, Tuzman said: “I have separately discussed my concerns with some of you regarding the manner in which the Company has been viewed by the public market over the years. Based in part on my concerns, I have made a wholly personal decision to step back from a formal role with the Company.

 “As you know, I have not always agreed with other members of the Board of Directors (the “Board”) or, specifically, with all of the decisions or processes followed by the Strategic Transaction Committee of the Board with reference to the current strategic sale process. Although I will no longer be a member of the Board, I intend to stay involved as a shareholder of the Company, and I will also have greater flexibility to independently consider other strategic alternatives for the Company. I also think my departure from a formal role with the Company will give the Company greater flexibility to evolve in its next, post-consolidation stage of development independent of my personality and role as a founder.”

It has certainly been interesting to watch KIT Digital over the past several years as it has grown through a roll-up of vendors in the online video space.  The company has attracted both admiration and criticism from a variety sources, and the company’s stock price has been a roller coaster.  For more information, I can recommend this article from StreamingMedia.com, which details some of the trials and tribulations at KIT Digital.

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Related Content:

Press Release: KIT digital’s Chairman Resigns

Resignation Letter to KIT Digital Board from Kaleil Isaza Tuzman http://bit.ly/HXXEYk

Streaming Media Article: What’s Going on with KIT Digital?

Management and Board Shake Up at KIT Digital Sends Stock Down 22.3 Percent

Kit digital Says its Revenue Doubled in 2011, Forms Strategic Transaction Committee

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