This article first appeared in Boston Business Journal, a sister publication of BostInno.
Ray, who was most recently CEO of Virginia-based software company Ellucian, is replacing acting Brightcove CEO Andrew Feinberg, who took over when David Mendels was pushed out of the CEO role last summer. Feinberg will return to his role as Brightcove president and chief operating officer.
Ray led Ellucian, which makes management software for colleges and universities, from 2014 until he abruptly retired last summer. He was previously CEO of Atlanta-based Ventyx and Waltham-based SolidWorks. He also spent several years as an executive at Bedford-based Progress Software.
“The board was impressed with Jeff’s decades-long track record of accomplishments as a CEO and senior executive,” Gary Haroian, the chairman of Brightcove’s board, said in a statement. “Time and time again, Jeff has demonstrated an ability to enhance go-to-market strategies, scale enterprises and expand business opportunities at global technology companies.”
Ray, 62, will be paid a $400,000 base salary with the chance to earn another $600,000 if he meets certain performance targets, according to a regulatory filing. The company is also granting Ray 400,000 stock options and 440,000 restricted stock units, which vest over the next four years.
Brightcove also appointed two new board directors: Tom Wheeler, formerly the chairman of the Federal Communication Commission under President Obama, and Kristin Frank, a former Viacom executive who most recently served as chief operating officer for MTV.
The high-level changes come as Brightcove looks to recover from a difficult 2017 — a year during which a major investor resigned from the company’s board over its “disappointing” stock performance. The company’s stock is still trading at $7.25, down from $13 in September 2016.
Brightcove also announced on Wednesday that it will hold its first-quarter conference call on Thursday, April 26.