- Along with its Q3 earnings, YuMe (NYSE:YUME -5.5%) says Chairman/CEO Jayant Kadambi is out of those roles -- and Jim Soss (executive VP and GM for North America) and Hardeep Bindra (executive VP of Operations) "will no longer be employed at YuMe, effective immediately."
- Kadambi will remain on the board. Paul Porrini (most recently general counsel) has been named interim CEO, and investor Eric Singer -- the company's biggest shareholder -- will serve as chairman.
- The company approved a restructuring plan along with those changes, which is expected to cut incremental Q4 opex by about $2M, and result in annual savings of about $6M next year. It will take a $1.5M charge tied to that plan.
- The board's initiated a strategic alternatives review process, choosing Deutsche Bank as its financial adviser.
- Press Release