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KIT digital axes 300 jobs

New York-based firm KIT digital, a specialist in TV Everywhere solutions, has revealed that it will be cutting its total headcount by 22%, or around 300 jobs, between now and the end of 2012, as part of its previously announced restructuring programme.

The job cuts are expected to save around US$ 40mn of employee-related expenses on an annual basis, and the majority of the expense reductions will arise from non-core areas and general and administrative redundancies.

Fabrice Hamaide, CFO of KIT digital

Fabrice Hamaide, CFO of KIT digital

The newly-trimmed company will continue to focus on and invest in its core competencies: KIT Cosmos video content management system (VCMS) software, supported by Managed Services and Professional Services; and the KIT Cloud web-based video-asset management system.

Fabrice Hamaide, KIT digital’s Chief Financial Officer, stated, “As we move forward we remain confident in our strategy, competitiveness, and our ability to create value for shareholders.”

Despite these redundancies, KIT digital had a busy time of it at the IBC trade show which closed a week ago in Amsterdam: the company won an innovation award for its role in the development of a VOD app for UK broadcaster Channel 4, showcased the latest enhancements to its Connected Device Framework (CDF), and released a new version of its Social Program Guide.

The company recently named shareholder and director Peter Heiland as its new Chief Executive to take over from outgoing CEO Barak Bar-Cohen, becoming the latest in a series of reshuffles at the top of its executive leadership, which have included the naming of a new Chief Financial Officer and Chief Technology Officer.

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