Ottawa-based International Datacasting announced Monday a new three-member executive team that the company said will reduce costs and allow it to execute a new business plan for growth and profitability.
Chris Barrett and Steeve Huin have been promoted to become co-CEOs of the company, which distributes digital content for broadcasters. Mr. Barrett had been IDC’s vice-president of engineering and operations, while Mr. Huin was the firm’s vice-president of products and services.
Rounding out the executive team is Steve Archambault, who, in addition to continuing as the company’s chief financial officer, will now add the role of executive vice-president to his duties.
“This is a key time in IDC’s history, and we are very excited and honoured to lead the company, together with the entire IDC team, into the future,” Mr. Barrett said in a statement.
Citing the company’s “legacy of technological leadership,” Mr. Huin said IDC has a bright future.
“We thank the board members for their confidence in this new structure, and look forward to working with our present and future customers and IDC employees to significantly grow its business in the coming years based on this technological leadership,” he said in a statement.
The leadership team is now working on a revised plan to bring IDC to the break-even point at a much lower revenue base, the company said.
Doug Lowther, who had already taken on a new leadership role with software company Irdeto, has resigned as IDC’s president and CEO. He has also stepped down from the company’s board of directors but will assist with the transition.
Mr. Archambault will take a seat on the board, as will Glenn McDougall, who was one of the investors involved in the private placement of $900,000.
The placement was closed after IDC repaid $1 million in bridge financing it had received from San Diego’s Pico Digital before company shareholders rejected Pico’s proposed acquisition of IDC last month.
Mr. Barrett, Mr. Huin and Mr. Archambault were also involved in the private placement, which will be used for “general working capital purposes,” the company said.
“This private placement demonstrates a strong vote of confidence from a group of senior executives in regards to IDC’s future prospects,” board chair Chris Van Staveren said in a statement, adding the company will give existing shareholders another opportunity “in the near term” to invest in the company at “attractive market valuation.”
“This will also provide IDC with a more sustainable capital level to fund its anticipated business growth,” he said.