Rimage Corporation (NASDAQ: RIMG), today announced Vern Hanzlik has been named Senior Vice President of Rimage and General Manager of Qumu, its enterprise video software business. Mr. Hanzlik will join the Company on November 26, 2012, replacing Ray Hood. Ray Hood has been named President and Chief Executive Officer of Allegro Development, an energy trading and risk management software company. In addition Mr. Hood will continue to serve on Allegro's Board. His final day at Qumu will be November 30. Mr. Hanzlik has spent the last 20 years building and growing enterprise software and service companies. Most recently, he served as the President, EMEA and member of the Board of TEAM Informatics, a global enterprise solutions and technology company. He co-founded Intranet Solutions (renamed Stellent) in the mid-1990’s, serving in a variety of leadership roles, including product development, sales and marketing, and President and CEO. Stellent was acquired by Oracle in 2006 for $440 million and became the basis of Oracle’s E2.0 Fusion Middleware offering. Following the sale of Stellent, Mr. Hanzlik served in operational roles and as an advisor to several entrepreneurial software development companies. He joined one of these companies, Sajan Software, a cloud-based provider of global language services and translation management software, as President and a Board member, where he worked until 2010, when he joined TEAM. “Vern is a very solid addition to our management team,” said Sherman Black, President and CEO of Rimage. “His enterprise content management expertise brings an added and valuable perspective to our product vision. With his experience in growing several software companies and establishing them as leaders in their markets, Vern will be able to step in immediately to continue the momentum that Qumu has demonstrated in the last two quarters. I would also like to thank Ray Hood for his many contributions to Qumu. He will be working closely with Vern to ensure a smooth transition."
Shares of Rimage Corporation (Nasdaq:RIMG) were gapping down Monday morning with an open price 14.6% lower than Friday's closing price. The stock closed at $13.18 yesterday and opened today's trading at $11.25.