Minneapolis-based Insignia Systems has fired Kristine Glancy, the company's president and chief executive since 2016.
Insignia Systems, a provider of in-store advertising solutions, has been exploring strategic alternatives for more than a year.
Glancy's termination is effective Aug. 31, according to a filing with the Securities and Exchange Commission. The company is moving in a new direction — from in-store marketing to non-bank lending.
Glancy is one of the few female CEOs of Minnesota-based public companies. She moved to Insignia after a 17-year career at Kraft-Heinz Co. in various sales and marketing positions.
On May 25, Insignia Systems agreed to sell its in-store marketing business to Minneapolis-based Park Printing Inc. for $3.5 million.
That business was at the heart of litigation between Insignia Systems and affiliates of News Corp. that resulted in a $20 million settlement last year.
Despite Insignia's legal victory and the $12 million in net proceeds from the settlement, the business was struggling, necessitating the deal with printing partner Park Printing. The company earned a profit last year thanks to the settlement, but annual revenue was $18.8 million, down 3.6% from the previous year.
Annual revenue peaked at $33.2 million in 2018.
