Terayon Communication Systems Inc. wasted little time in finding a replacement for outgoing CEO Zaki Rakib, naming Jerry Chase to the top spot at the broadband equipment vendor.
Chase, 44, most recently the chairman and CEO of Thales Broadcast & Multimedia (TBM), will join Terayon effective Sept. 8. On that date, Rakib will resign as CEO and shift to the role of chairman of the board.
Before his tenure at TBM, Chase served as general manager and vice president of sales and program management at General Instrument (now part of Motorola Broadband), and vice president of systems engineering and program management at Scientific-Atlanta.
"We are confident that [Chase] brings Terayon the appropriate combination of leadership, insight and imagination, and operational discipline and decisiveness, to advance the company for long-term success," Rakib said, in a statement.
The addition of Chase is the latest in a string of executive moves at the cable equipment supplier. Earlier this year, DOCSIS pioneer Rouzbeh Yassini joined the company temporarily to help Terayon hire a new CEO and put in place some new, "cable-friendly" management. Yassini's contract runs through Aug. 31.
In other personnel news, Terayon announced the resignation of SVP and Chief Financial Officer Arthur Taylor. Edward Lopez, Terayon's SVP and general counsel, has been appointed acting CFO while the company seeks a successor.
On the financial front, Terayon reported a solid second quarter, posting revenues of $42.8 million, up 40 percent from $30.6 million a year ago. The company also recorded a net loss of $4.9 million (6 cents per share), narrowed significantly from a net loss of $13.1 million (18 cents) a year ago.
Terayon attributed the growth to record sales of its line of digital video equipment and strong sales of subscriber-side products. The company, however, also cited weaker than expected cable modem termination (CMTS) revenues ($10.3 million) due to slower than anticipated deployments from existing customers in Asia and Europe.
Looking ahead, Terayon expects to post Q3 revenues of $38 million to $41 million, and a loss in the range of two to four cents per share.