Servicesource International Inc (NASDAQ:SREV) has announced that they are parting ways with Christopher Carrington who is believed to be resigning as CEO. Gary Moore who is a member of the board of directors is expected to be taking over hardly two years since he joined. However, Moore and Carrington are both remaining to be members of Ser5viceSource board of Directors irrespective of the changes. Similarly, in other developments, the company announced that they were working on expanding their partnership with Extreme Networks, Inc. And that of Mitel and both agreements are expected to run up to 2020.
The change of CEO
Speaking about the change in leadership at ServiceSource, Lead Independent Director, Bruce Dunlevie indicated that Carrington was leaving, but he has transformed the company during his tenure of four years. Dunlevie says that under the helm of Carrington, ServiceSource managed to expand by enhancing their value scheme as well as broadening their solution set and diversification of their customer base and market combination which in return has strengthened their financial position.
About the incoming CEO Gary Moore, Dunlevie lauded him saying that the company was glad to have benefited from his leadership regarding direction and oversight as a member of the board of directors since 2016. Dunlevie added that Gary Moore has the necessary expertise and he is well versed with the marketing mix and business model of the company, and thus as a CEO he is expected to take them to new heights.
The new CEO said that he was very excited and hopeful about the new challenge and the strategies that ServiceSource has put in place. He lauded the staff at ServiceSource who he considered being important in driving the transformative agenda of the company. The CEO indicated that ServiceSource is uniquely positioned in the market as the company looks forward to relooking their B2B client experiences owing to technological progress.
Other changes were announced at ServiceSource in a bid to better position them in the market. The new appointments include COO Debbie Dunnam, CFO Rich Walker and Denzil Samuels the Chief Marketing and Growth Officer.
Extension of partnership with Extreme Networks
The expansion of the business with Extreme Networks is part of the process of implementing their customer loyalty and cross-sell promotions in the customer experience. Since Extreme Networks has a large customer base and a range of solutions assortments, ServiceSource was looking at getting a partner that could execute and deploy their consumer retention and commitment approaches rapidly across the globe. It is expected that Extreme Networks is likely to influence ServiceSource’s intercontinental coverage, their pay-for-performance strategy as well as enhance the expertise of their technology realm which will ensure they are positioned correctly in the market to enable them to be profitable.
ServiceSource’s share was down 6.55% on a volume of 830.9K shares in the last trading session to close at $0.98. The stock has been down this year and has found no support.
Mitel broadening partnership with ServiceSource
Mitel has been in collaboration with ServiceSource for close to ten years, and the extension of their contract is a result of the role that ServiceSource has played regarding customer influence and positive revenue. With the agreement, ServiceSource is expected to continue influencing Mitel’s customer retention process as well as managing of partnerships in line with their onsite product range. According to Todd Abbott, Mitel’s Global Vice President for Sales and Service, the partnership brings the communication technology that they consider essential in cutting a competitive edge against their rivals as well as enhancing better customer experience. He added that the move to consolidate the business services of ServiceSource would help Mitel in simplifying and streamlining their process thus putting them in a position to detect growth openings as well as maintain client retention.
Christopher Carrington, the outgoing CEO indicated that the expansion processes and changes are part of the long-term strategies that ServiceSource is adopting as they continue to revolutionize their consumer retention and customer engagement mechanisms.