Bloomberg News

RealNetworks CEO Resigns, Board Names Glaser Interim Chief

July 03, 2012

RealNetworks Inc. (RNWK:US) Chief Executive Officer Thomas Nielsen has resigned amid an effort to restructure the software maker.

Nielsen, who took the helm Nov. 1, was replaced on an interim basis by chairman and founder Rob Glaser, the Seattle- based company said today in a statement. The board has begun a search for a new CEO, and Glaser said he isn’t a candidate for the permanent position.

RealNetworks, whose stock has declined 36 percent in the past year, said in May it planned “significant” restructuring in 2012, including acquisitions, divestitures and changes to operations. Nielsen’s departure follows changes to management earlier this year, including the resignation of legal chief Tracy Daw in April and the addition of a new chief financial officer, Tim Wan, the same month, regulatory filings show.

“I come back to RealNetworks with a sense of great urgency to set the company on a long-term path to success,” Glaser said in the statement.

The company “has a great deal of potential and opportunity, with huge reach and distribution of our products,” he said.

RealNetworks offers applications and services, such as live streaming, that help customers use digital media. The company reported a first-quarter loss of 49 cents a share, exceeding the 33 cent-loss estimated by analysts, and was its fifth consecutive quarterly loss, according to data compiled by Bloomberg.

To contact the reporter on this story: Danielle Kucera in San Francisco at dkucera6@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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Companies Mentioned

  • RNWK
    (RealNetworks Inc)
    • $7.38 USD
    • -0.07
    • -0.95%
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