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SeaChange CFO to Resign

By Rich Smith – May 9, 2013 at 10:36AM

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Current chief accounting officer takes over as interim CFO on June 1.

Massachusetts-based SeaChange International (SEAC 0.02%) is looking for a new chief financial officer.

On Wednesday, the video software maker announced that CFO Michael Bornak plans to resign from the company effective May 31, to take a position with another publicly traded company, which it did not name, but which it said is closer to his home in Pittsburgh. SeaChange will begin searching for a permanent replacement. In the meantime, it has named Chief Accounting Officer Anthony Dias to serve as its interim CFO while the search is under way. Additionally, SeaChange says it has promoted Dias to the position of senior vice president.

In connection with his change in duties, Dias will receive a new pay package as outlined by the company in an SEC filing, including:

  • $235,000 annual base salary.
  • 10,000 restricted stock units (RSUs), vesting over three years.
  • Annual bonus package for 2014 worth $94,000 and payable 75% in cash, 25% in RSUs.


Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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