NTN Buzztime (NTN) CEO Terry Bateman to Resign
NTN Hot Sheet
Revenue Growth %: -3.2%
NTN Buzztime, Inc. (AMEX: NTN) today announced that Terry Bateman, Chief Executive Officer, has announced his intention to resign. Mr. Bateman will remain active on the Board of Directors and be involved in finding his replacement. The Board of Directors has established a CEO Selection Committee to fill the CEO role, has engaged an executive search firm to assist them in the identification and selection of a new CEO, and expects this process to be completed in the second quarter of 2010.
"We have made considerable progress towards achieving our operating objectives, and I continue to believe in the fundamental strength of the business," said Terry Bateman. "I am stepping down for personal reasons, but will remain on the Board of Directors to help oversee the strategic initiatives put in place over the last year, and I will also participate in the search for my successor, in order to ensure a smooth transition. I remain confident in the Company's continued success."
"Terry has been instrumental in the turnaround of NTN Buzztime's business and has been a tremendous leader," noted Chairman Jeff Berg. "The positive effects that Terry has had on the business are substantial, as underscored by our performance in the fourth quarter of 2009, which is expected to show EBITDA higher than any recorded in the past six quarters, as well as positive cash flow. While we are disappointed to see him leave, we understand and respect his decision, and look forward to his participation as an active, non-executive member of the Board, where his advice and judgment, informed by his tenure as CEO, will be tremendously valuable."
"We have made considerable progress towards achieving our operating objectives, and I continue to believe in the fundamental strength of the business," said Terry Bateman. "I am stepping down for personal reasons, but will remain on the Board of Directors to help oversee the strategic initiatives put in place over the last year, and I will also participate in the search for my successor, in order to ensure a smooth transition. I remain confident in the Company's continued success."
"Terry has been instrumental in the turnaround of NTN Buzztime's business and has been a tremendous leader," noted Chairman Jeff Berg. "The positive effects that Terry has had on the business are substantial, as underscored by our performance in the fourth quarter of 2009, which is expected to show EBITDA higher than any recorded in the past six quarters, as well as positive cash flow. While we are disappointed to see him leave, we understand and respect his decision, and look forward to his participation as an active, non-executive member of the Board, where his advice and judgment, informed by his tenure as CEO, will be tremendously valuable."
You May Also Be Interested In
- Newton Energy Corporation Announces First Quarter Results for 2012 and Update to Private Placement
- Martha Stewart Living Omnimedia (MSO) Names Martha Stewart as Non-Executive Chairman
- Fred's, Inc. (FRED) Named Steven R. Fitzpatrick to Board of Directors
Create E-mail Alert Related Categories
Management ChangesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
