- Push-out Score determined
- Praise and thanks for Ray
- Search for a successor
- Ray spoke at length and said 186 words
(exechange) — Boston, Massachusetts, October 27, 2021 — Jeff Ray, chief executive of Brightcove, prepares for his departure. As announced by Brightcove Inc. in a news release and in a regulatory filing published on Wednesday, October 27, 2021, Jeff Ray leaves his post as chief executive officer at the software company, after about five years in the role, effective when his successor is hired.
Brightcove will undertake a search for a successor.
It is a long goodbye. The announcement of Jeff Ray’s move comes up to 14 months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
“Time to find the right successor”
Brightcove did not give an explicit reason for Jeff Ray’s departure from the CEO post. Deb Besemer, Chairperson of the Board of Brightcove, said: “The timing of Jeff’s retirement provides the company the time to find the right successor and ensure a smooth and effective transition to the next CEO.”
Precise information regarding Jeff Ray’s future plans was not immediately available.
Brightcove said: “Jeff Ray, Brightcove’s Chief Executive Officer, has informed the Company’s Board of Directors that he intends to retire from Brightcove at the end of 2022 and will step down as CEO and Board Director when his successor is hired. Mr. Ray will continue to lead Brightcove until that time, with a focus on executing on the Company’s growth plans and ensuring a smooth and orderly transition to the next CEO.”
“Not the result of any disagreement”
“Mr. Ray’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Brightcove said.
Share price decline since January 2021
The announcement follows a decline in Brightcove Inc.’s share price of 32% since January 2021.
In the position of CEO since 2018
Jeff Ray became CEO of the Company in 2018.
Jeff Ray has served as one of the Company’s directors and as the Company’s Chief Executive Officer since April 2018.
From 2014 to 2017, Ray served as Chief Executive Officer, President and Chairman of Ellucian Company L.P., a software and service provider to the higher education community.
From 2012 to 2014, Ray served as the Chief Executive Officer of Ventyx, Inc., which was acquired by ABB Ltd in 2010.
Ray holds a B.S. in Economics with a minor in Finance from Texas A&M University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jeff Ray’s move on a scale of 0 to 10.
exechange reached out to Brightcove and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2021 ($).