Ballantyne Strong, an Omaha-based digital technology firm, said Tuesday that Gary Cavey is leaving the company this week. He serves as president, chief executive and a board director.
Chris Stark has been appointed president, effective Friday. Stark has served as Ballantyne’s chief operating officer and senior vice president since 2010, which is also the year that Carvey became the company’s CEO.
“We would like to thank Gary Cavey for his service to Ballantyne Strong,” said Samuel Freitag, chairman of Ballantyne’s board of directors. “We have great confidence in Chris Stark to work with the other members of our senior management team to ensure that we maintain a high level of execution and customer service.”
D. Kyle Cerminara, chief executive of Fundamental Global Investors, one of Ballantyne’s largest shareholders and a board member, wished Cavey good luck in the future and said:
“We believe there is significant opportunity to improve financial performance at Ballantyne Strong. Ballantyne has an 80-year track record of providing innovative products and services to the cinema industry, and has built strong capabilities in the areas of digital media and managed services. We are looking forward to working with Chris Stark, the senior management team and the newly comprised board of directors to enhance shareholder value.”
Last month, the company resolved a proxy contest initiated in March by Fundamental, an investment advisory firm based in Charlotte, North Carolina. The resolution expanded Ballantyne’s board of directors from seven to nine members.
“I’m proud of the work we have done at Ballantyne during my time as chief executive officer, and I remain a significant shareholder,” Cavey said, adding that he looks “forward to supporting the board and management team in their efforts to create value for shareholders in the future.”
Ballantyne, which began as a maker and seller of movie projectors and lighting equipment in the film era, is diversifying its product line to include services such as video security and digital screen messaging.
The company will hold its 2015 stockholder meeting May 13 in Alpharetta, Georgia. Ballantyne employs 330 people, including 57 at its Omaha headquarters.
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