Harmonic CEO Succession – Nimrod Ben-Natan to Take Over from Patrick Harshman

Harmonic (NASDAQ: HLIT) has announced the succession of its President and CEO, Patrick Harshman, effective June 11, 2024. Nimrod Ben-Natan, who has been with the company since 1996 and currently serves as the Senior Vice President and General Manager of Harmonic's broadband business, has been appointed as Mr. Harshman's successor.

The board of directors conducted a comprehensive evaluation of both internal and external candidates, and Mr. Ben-Natan emerged as the standout, given his pivotal role in the rapid growth of the company’s virtualized broadband access solutions. Harmonic's board is confident that his strategic vision, experience, and business acumen will drive the company’s future success.

As part of the succession planning process, Harmonic's board initiated a formal strategic review process to evaluate potential strategic alternatives for the company’s video business in October 2023. However, after careful evaluation, the board concluded that current market conditions do not support its value creation objectives for the video business. Consequently, the company will focus on driving profitable growth by streamlining operations and optimizing its cost structure within the video business.

In terms of financials, Harmonic management expects total company revenue for the first quarter of 2024 to be in the range of $121 million to $123 million. This includes revenue between $78.5 million to $79.5 million for the broadband segment and revenue between $42.5 million to $43.5 million for the video segment.

The company also plans to host an investor day in mid-June 2024 to discuss its long-term strategy and growth plans for the broadband and video business units. This event will provide additional details including the specific date.

Harmonic (NASDAQ: HLIT) is recognized as the worldwide leader in virtualized broadband and video delivery solutions. The company has revolutionized broadband networking with its virtualized broadband solutions and is changing the way media companies and service providers monetize live and on-demand content on every screen.

Following these announcements, the company's shares moved -15.8%, and are now trading at a price of $11.06. For the full picture, make sure to review Harmonic's 8-K report.

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