Activist Investor Heiland Become CEO at KIT Digital

Posted by Joe Zaller
Aug 30 2012

 

KIT Digital said in a filing with the SEC that activist investor Peter Heiland has been appointed CEO of the company. 

Heiland, the managing director of JEC Capital Partners, replaces interim CEO Barak Bar-Cohen, who became CEO of KIT Digital in April 2012 following the departure of Kaleil Isaza Tuzman, who in his resignation letter cited difference with the company’s board of directors over strategic issues.

This is the second time in recent months that Heiland’s JEC Capital Partners has become involved with a broadcast technology company.  Earlier this year, JEC created activist shareholder drama at Miranda Technologies, which was ultimately sold to Belden – resulting in a tidy profit for JEC.

JEC Capital Partners, which owns 8 percent of KIT Digital, recently signed a “standstill agreement” with KIT.   Under the terms of the standstill agreement, Heiland and another activist investor were given KIT Digital board seats in exchange for supporting KIT digital’s Board, and refraining from taking “certain adverse actions” against KIT digital’s Board.

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KIT Digital SEC Filing: Heiland Takes Over CEO Role from Barak Bar-Cohen

KIT Digital Posts $102.6 Million GAAP Loss in Q2 2012, Sells Sezmi and Content Solutions Businesses at Steep Loss          

Activist Investors Claim Board Seats at KIT Digital, Will Refrain From Adverse Actions Against KIT Digital’s Board

Text of Standstill Agreement Between KIT Digital, JEC Capital Partners, and Costa Brava

KIT Digital Exploring Strategic Options for Company Sale, Fails to Reach Agreement with JEC Capital

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

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

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

Activist Shareholder Drama Continues at Miranda Technologies

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