- Push-out Score suggests push-out forces
- After around four years on the job
- Accolades, praise, thanks and good wishes for Mendels
- Andy Feinberg taking over in the interim
- Search for a successor
- Mendels said 68 words
(exechange) — Boston, Massachusetts, July 26, 2017 — David Mendels, chief executive of Brightcove, leaves the position — “upon mutual agreement”. It is an abrupt change. As announced by Brightcove Inc. in a news release and in a regulatory filing published on Wednesday, July 26, 2017, David R. Mendels has already left the post as Chief Executive Officer at the provider of cloud services for video in a surprising move after around four years on the job, effective July 24, 2017.
Brightcove will undertake a search for a successor.
Mendels’ duties are taken over in the interim by Andy Feinberg, currently Chief Operating Officer at Brightcove Inc.
No reason given
In the announcement, Brightcove did not explicitly explain the obviously compelling reason for Mendels’ sudden move, opening the door for speculation.
Precise information about the future plans of Mendels was not immediately available.
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without a reasonable explanation.
Brightcove said: “On July 24, 2017, David Mendels resigned upon mutual agreement with the Company’s Board of Directors … from all positions that he held with the Company as an officer, director or otherwise or with any affiliate of the Company, including as Chief Executive Officer of the Company and as a member of the Board.”
“Not the result of any disagreement”
“Mr. Mendels’ 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.
It is a phrase that may be intended to prevent false rumors. It may also fuel further speculation and raise more questions than it answers. Such a phrase should be read very carefully. The exact wording may be insightful.
Share price decline
The change follows a sharp decline in the share price of Brightcove Inc. since October 2016.
Chaired by Gary Haroian
Brightcove Inc. is chaired by Gary Haroian.
On the job as CEO since 2013
David R. Mendels has been the Chief Executive Officer of Brightcove Inc. since March 31, 2013.
David Mendels, who became the Company’s Chief Executive Officer on March 31, 2013, had previously served as the Company’s President and Chief Operating Officer since January 2010 and has served as one of the Company’s directors since October 2008.
Prior to joining Brightcove, Mendels served as Senior Vice President and General Manager at Adobe Systems Incorporated, a software company, from December 2005 to August 2008.
Mendels had no full time employment between leaving Adobe in August 2008 and joining the Company’s board in October 2008.
He joined Adobe when it acquired Macromedia, Inc., where he was a member of the executive team and Executive Vice President and General Manager.
Mendels joined Macromedia in 1992 and served in many roles, including leading Japan sales and establishing Macromedia K.K., leading Worldwide Marketing, and as General Manager of Macromedia’s web publishing business unit.
Mendels holds a B.A. in East Asian Studies from Wesleyan University and an M.A. in Japanese from the University of California at Berkeley.
As a general rule, when a top leader announces to step aside with no permanent successor in place, it’s a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered David Mendels’ sudden move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 31.2017 ($).