Vern Hanzlik is the new CEO of Qumu Corp.
Qumu Corp. names Vern Hanzlik CEO
Sherman Black resigned from the company's top job as part of a planned succession process
October 21, 2015 at 2:34AM
Sherman Black resigned Monday from the position, as well as his spot on the board of directors.
Hanzlik, who was president and chief operating officer, has joined the board as well. Qumu said the moves were part of a planned succession process.
Black, 51, joined Qumu in 2009 and had been CEO of the Minneapolis company since 2010. He was at Seagate Technology before that.
"Over the last few years, Vern and I have laid the groundwork for a smooth transition," Black said in the company's statement. "I believe this is the right time to initiate the change."
Previously known as Rimage Corp., under Black's leadership the company shifted from a disc publishing business to a provider of video content management software. The company acquired Qumu and adopted its corporate name in 2011.
In 2014, Qumu sold its disc publishing business in April and in October acquired Kulu Valley Ltd., a London-based provider of video content creation solutions.
Rimage's revenue peaked in 2007 at $108 million, and sales decreased in four of the five years after that. After the sale of the disc publishing business in 2014, annual revenue for continuing operations was $26.5 million.
"This CEO transition reflects a key moment in Qumu's continued transformation as it increasingly focuses on execution and accelerated performance now that a strategic foundation has been established," said board Chairman Robert Olson in the statement.
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