Brightcove, the provider of cloud services for online video, has appointed Hugh Jefferson (Jeff) Ray to serve as the Company’s next Chief Executive Officer, effective immediately. Ray is replacing Andy Feinberg who stepped in to temporarily fill the role of CEO when former David Mendels resigned from the position last year. Feinberg will resume his former role as the Company’s President and COO.
“The Board was impressed with Jeff’s decades-long track record of accomplishments as a CEO and senior executive. That, combined with his extensive technology leadership experience made him the ideal candidate to serve as Brightcove’s CEO,” said Gary Haroian, Chairman of the Board.
Why it matters:
Ray will be essential to helping Brightcove recover from a difficult 2017, a year in which a major investor resigned from the company’s board over the company’s disappointing stock performance (it’s stock is currently trading at $7.25, down from $13 in September 2016).
Prior to Brightcove, Ray has served in executive leadership roles at multiple enterprise technology companies, including Ellucian, Ventyx (acquired by ABB), DS SolidWorks, Progress Software, and Compuware. At Ellucian, Ray transitioned the business from a combination of multiple premise-based software companies to a cloud-based SaaS leader of solutions designed to enable colleges and universities do a better job of helping their students succeed. At SolidWorks, he grew revenues by 300%, expanded margins by 50%, and tripled the installed user base. While he was at Progress Software, the business grew 20% each year and the share price more than doubled.