KIT digital Reaffirms Guidance, Looking for Permanent CEO

KIT digital, Inc.

today announced that its chief executive officer, Kaleil Isaza Tuzman, will assume the role of chairman and Barak Bar-Cohen, currently the company's chief administrative officer, will assume the role of interim CEO while the company conducts a search -- internally and externally -- for a permanent CEO. These changes will be effective on March 31, 2012. "The shift to full-time chairman is a step I have been contemplating for some time," said Isaza Tuzman. "The strategic transaction process, which is underway at the direction of the board's Special Transaction Committee, is at a pace that requires my dedicated focus and energy, separate to the day-to-day running of the company and investor relations responsibilities. By moving forward today with Barak as our interim CEO, we have built in some structural flexibility over the coming months as we assess strategic options. I have worked closely with Barak since he joined the company in 2008 and have great respect for him. Given his industry background and both the chief commercial officer and chief administrative officer roles he has held within our Company over time, he was an obvious choice for this appointment." Lead independent director Wayne Walker said, "These changes represent a flexible and prudent approach to our future. We are grateful to Kaleil, who for many years has demonstrated a clear and prescient vision of where the video technology industry is heading. Kaleil has been a bold leader with a bold plan, and his direction has led to the commercial success that KIT digital enjoys today. We look forward to his continued contributions as chairman of the board."