November 23, 2012 / 5:31 PM / 5 years ago

TIMELINE-Management woes roil Kit Digital

Nov 23 (Reuters) - Kit Digital Inc’s former CEO said on Friday he was ready to lead a private equity-backed buyout of the video technology provider, two days after the company reported accounting irregularities.

Kit Digital, which has undergone management shake-ups in the last few months, blamed the earlier leadership for the accounting errors.

Following are the main events since March:

March 23 - Four directors step down. Company names Chief Administrative Officer Barak Bar-Cohen interim chief executive, replacing Kaleil Isaza Tuzman. Stock falls as much as 26 percent in heavy volume, closes down 22 percent.

April 16 - Tuzman resigns as chairman.

June 8 - Private equity firm JEC Capital Partners LLC reports an 8 percent stake as of May 30. The technology-focused investment firm expresses concerns regarding leadership, corporate governance and proposes four nominees to the board.

June 13 - Kit Digital says failed to reach an agreement with JEC on its nominees.

June 22 - JEC Capital says it intends to solicit consent from Kit shareholders for the removal of all existing directors.

June 29 - Two more directors resign.

Jul 16 - The company appoints Fabrice Hamaide as chief financial officer.

Jul 25 - Global Chief Operating Officer Alex Blum steps down. Company appoints Mark Christie Chief Technology Officer. Stock falls 7.1 percent to $3.13.

Aug 7 - JEC nominees Peter Heiland and Seth Hamot join Kit’s board. JEC drops demand to terminate existing board.

Aug 30 - Kit appoints Heiland as chief executive. The stock rises 3.65 percent.

Nov 21 - Kit says considering strategic alternatives, including a sale, and will restate results since 2009 due to errors and irregularities in its financial statements.

Nov 23 - Former CEO Tuzman says open to leading a bidding group to buy the company at $3.75 per share in cash.

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