VMIX Replaces CEO With Turnaround Specialist

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VMIX has announced a shakeup in its senior management team, ousting its CEO and replacing him with a turnaround expert. The online video management firm said it is replacing Mike Glickenhaus with new president and CEO Pat Burns, whose main area of expertise (based on a quick read of his LinkedIn profile) seems to be taking over companies in dire straits and putting them on the right path.

In a phone interview, Burns characterized himself as a guy that has been relied on by members of the venture community to help “take companies to the next level.” His resume shows a slightly different story: Burns classifies himself as a turnaround and crisis management specialist that has spent much of the last 25 years bouncing from one company to the next, mostly serving in high-level executive roles on an interim basis, and in some cases spending as little as a year at certain companies while trying to get them back on track.

In fact, some of his recommendations, while glowing, represent his time at some truly troubled companies:

“Pat is by far the best executive for stepping into a tough situation that I have had the pleasure to work with. At Virtugo; we did not have a CEO, we lacked focus, needed team cohesion and were running out of cash. Pat stepped into the CEO role making the tough calls, representing investor concerns and building both expernal and internal relationships. Not only would I recommend Pat without hesitation, I would join his team again,” writes Bob Mahoney, who served as Controller while Burns was at Virtugo Software.

One recommendation even detailed run-ins with the mob:

“Undreamed of fears became reality as Pat discovered that the Mafia had infiltrated the company and had even compromised one or more of its officers. Pat’s courageous and inspired leadership gave the company nine more lives during which time he was subject to the risk of personal threats and violence,” wrote David Bullwinkle, managing partner of the Centennial Business Development Fund.

After just five or six days on the job, Burns wasn’t ready to give away his playbook, but he did say that he saw plenty of opportunity for growth at VMIX, particularly in the government, enterprise, and education verticals of the market. “What I’m here to do is to grow this business and make sure we do not avoid opportunities,” Burns said. “There are a lot of opportunities and we need to be ready to move quickly and grasp them.”

Of course, Burns’ reputation as a turnaround expert raises the question of how bad things are at the startup. VMIX raised an additional $2 million in September 2009, bringing total venture funding to $23.5 million since being founded in 2004. The company is backed by Enterprise Partners, Mission Ventures, JK&B Capital and ATA Ventures, all of which participated in the latest round.

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