RealNetworks chief executive and founder Rob Glaser has stepped down, RealNetworks said Wednesday.
Glaser, who founded Progressive Networks (later RealNetworks) in 1994, said he would “step down from day-to-day operations," remaining as chairman. He will be replaced by Bob Kimball, Real's general counsel and vice president of corporate business development.
Kimball said that he would work to transform Real into a more “focused" company, probably hinting at spinoffs or other divestitures.
“After nearly 16 years, I've decided it's time for me to step away from day-to-day operations," said Glaser in a statement. “I'm grateful to all of our stakeholders customers, partners, shareholders, and most of all, employees for the support and commitment they've given to RealNetworks. I remain committed to the company and look forward to continuing to serve in my capacity as board chairman."
Real, under Glaser, tried to bring a DVD-ripping product to market in 2009, but were rebuffed by the DVD Copy Control Association and a collection of Hollywood studios, which successfully asked a federal judge to approve a restraining order barring sales of the product. Glaser's departure comes just a few days after Real also lost its bid to have the collection of Hollywood studios declared a monopoly.
For his part, Kimball hinted at a future restructuring. “I look forward to the opportunity ahead," said Mr. Kimball. “Real has a great team in place, a strong financial position, close customer relationships and fantastic products. We plan to transform Real into a more focused and more profitable company that delivers value to our shareholders."
According to ABC News, analyst firm Morgan Keegan's Tavis McCourt said he expects the online media and software company to outline the new approach when it reports earnings next month “after an exhaustive strategic view."
In October, however, RealNetworks reported profits of $1.5 million.
Glaser, who founded Progressive Networks (later RealNetworks) in 1994, said he would “step down from day-to-day operations," remaining as chairman. He will be replaced by Bob Kimball, Real's general counsel and vice president of corporate business development.
Kimball said that he would work to transform Real into a more “focused" company, probably hinting at spinoffs or other divestitures.
“After nearly 16 years, I've decided it's time for me to step away from day-to-day operations," said Glaser in a statement. “I'm grateful to all of our stakeholders customers, partners, shareholders, and most of all, employees for the support and commitment they've given to RealNetworks. I remain committed to the company and look forward to continuing to serve in my capacity as board chairman."
Real, under Glaser, tried to bring a DVD-ripping product to market in 2009, but were rebuffed by the DVD Copy Control Association and a collection of Hollywood studios, which successfully asked a federal judge to approve a restraining order barring sales of the product. Glaser's departure comes just a few days after Real also lost its bid to have the collection of Hollywood studios declared a monopoly.
For his part, Kimball hinted at a future restructuring. “I look forward to the opportunity ahead," said Mr. Kimball. “Real has a great team in place, a strong financial position, close customer relationships and fantastic products. We plan to transform Real into a more focused and more profitable company that delivers value to our shareholders."
According to ABC News, analyst firm Morgan Keegan's Tavis McCourt said he expects the online media and software company to outline the new approach when it reports earnings next month “after an exhaustive strategic view."
In October, however, RealNetworks reported profits of $1.5 million.
