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Glowpoint CEO Resigns; Laezza and Robinson will be Co-CEOs

March 20, 2009 | Howard Lichtman
By Michael Dinan


With sweeping changes that include executive oustings and stock sell-offs, a Hillside, New Jersey-based video communications provider today announced that it's paying down debt and replacing its chief executive officer in order to position itself to make money.

Mike_Brandofino.jpgOfficials at Glowpoint, Inc. say the company's chief executive officer, Michael Brandofino - interviewed here by TMC President Rich Tehrani just a few months ago - is out, along with board members Aziz Ahmad and Richard Reiss.
 
According to David Robinson, an executive vice president who has been named co-CEO with Joe Laezza, Glowpoint's president and chief operating officer, the company is "committed to achieving and maintaining positive operating income and increasing shareholder value by focusing on execution, cost reductions and superior customer service."
 





Joe_Laezza_Glowpoint.jpg"Joe and I are both very enthusiastic about the opportunity in front of Glowpoint and look forward to working together to solidify and expand its position as an industry leader with unmatched service and technological capabilities," Robinson said.
 
For months, TMCnet has tracked the progress of what appears at times to be a strong, emerging market for telepresence and video-based communications solutions.
 
But the picture isn't always clear. For example, while Avistar told us here and Brandofino told us here that video-based solutions are faring well as market segments, some, including Corey McFadden of Infradapt, tell us that companies such as Cisco Systems Inc. could be creating a market for something that may or may not exist.
 
David_Robinson.jpgCertainly, Cisco took another strong step in pursuing the video segment with its stunning announcement today that it will pay $590 million for Pure Digital Technologies Inc., creators of Flip Video products.
 
Here's how Doug Johnson, chief executive officer of Telanetix - a Bellevue, Washington-based company provides telepresence and VoIP services to all business market segments - answered TMCnet when we asked him during an interview about the viability of video-based communications:
 
"There is no question in my mind that Telepresence is a valid market. We believe the greatest barrier to growth is a mismatch between value and price in most of the offers in the marketplace."
 
As Tehrani noted at the end of his own interview with Brandofino, the future of video seems bright based on a variety of factors, "and companies which learn to leverage it in their businesses will be more productive, and those companies such as Glowpoint that can become essential video suppliers should fare well as the market grows."
 
Specifically, Glowpoint said today, it raised additional equity capital with gross proceeds of approximately $1.8 million by selling shares of its newly-created Series A-1 Convertible Preferred Stock at 40 cents per share, and Series A-3 Warrants at the same price.
 
Laezza, one of Glowpoint's new co-CEOs, said he was grateful to Brandofino "for his years of service and important contributions to the company and wish him the best in his future endeavors."
 
These were Brandofino's parting words: "My decision to leave was obviously a difficult one to make, but I have proven over the years that I will always do what's best for the company and our investors. I wish the remaining management team the best of luck and have confidence they will continue to drive the Glowpoint vision and positive growth trends that have been realized over the last couple of years."

Michael Dinan is a contributing editor for TMCnet, covering news in the IP communications, call center and customer relationship management industries. To read more of Michael's articles, please visit his columnist page.

[via TMCnet]

 







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