VICTORIA, B.C. – Sumit Kumar has been appointed CEO of Vecima Networks by the company’s board of directors today, marking the completion of the company’s long-term strategy to name a successor for current CEO Dr. Surinder Kumar, who is preparing to retire.
Dr. Kumar will remain as non-executive board chair. Sumit Kumar, who has been with the broadband equipment provider since 1995 and has been president since 2011, becomes CEO as of August 1, 2013. He has held roles of increasing responsibility at Vecima, including vice-president, corporate strategy from 2006 to 2009 and EVP from 2009 to 2011.
Vecima has seen an overall decline in revenue since 2010. Most recently, revenue for Q32013 dropped by 16.3%, or $2 million, to $21.6 million, compared to $25.8 in the same period in 2012. Vecima attributed much of the decline to lower sales of its QAM modules, which were anticipated as these products transitioned to end of life.
In April 2011, the company cut 18% off its staff in a move to reduce expenses by approximately $6 million, blaming a strong Canadian dollar, continued weak economic conditions in the U.S., reduced demand for legacy solutions and slower than anticipated sales growth of new products for the job losses.
Vecima also announced today that COO, Dr. Hugh Wood, will also retire at the end of July. Over the last few years, Woods day-to-day responsibilities have been transferred to Marshall Sali, SVP of operations. Sali has been with Vecima as director of operations from 2008 to 2009 and as SVP operations since 2009. Dr. Wood will continue on as a member of the board of directors.
In addition, Vecima announced the appointment of Dean Rockwell to its board of directors. Rockwell has more than 23 years of experience leading technology-intensive businesses in the areas of general management, sales and marketing, product management, research and development, and operations.
He is currently the CEO of In Motion Technology. Prior to joining In Motion Technology, Rockwell was COO of Pulse Energy, CEO of the British Columbia Innovation Council (BCIC) and vice-president and general manager of the worldwide digital media networks business for Cisco Systems based in Atlanta, Georgia.
