SAN JOSE, Calif.—Harmonic has appointed Nimrod Ben-Natan, currently Senior Vice President and General Manager of Harmonic's Broadband business to succeed Patrick Harshman, who will retire as President and Chief Executive Officer, effective June 11, 2024. It also announced that it has suspended the sale of its Video division, because “current market conditions do not support its value creation objectives.”
Ben-Natan joined Harmonic in 1996 as a software engineer to design and develop its first-generation video transmission platform. He has led Harmonic's Broadband business as Senior Vice President and General Manager since 2012.
Ben-Natan has been instrumental in pioneering the development and widespread deployment of the Company's Emmy award-winning cOS virtualized broadband technology.
"On behalf of the entire Board, I'd like to thank Patrick for his leadership and service to Harmonic, guiding the Company through multiple strategic transformations over the years. It has been a real pleasure to work with him all these years and we wish him success, good health and happiness in the next chapter of his life. We are pleased that his expertise will be available to support Nimrod and the Board in this transition," said Patrick Gallagher, Chair of the Harmonic Board of Directors.
Gallagher continued, "As part of a thoughtful succession planning process, we conducted a comprehensive evaluation of both internal and external candidates with the support of a leading search firm. Nimrod was the standout – his leadership has been pivotal in the rapid growth of the Company's groundbreaking and market-leading virtualized broadband access solutions. He is admired and respected by our employees and customers, and the Board is confident that his strategic vision, experience and business acumen will drive Harmonic's future success."
"Leading Harmonic has been the privilege of a lifetime and I am proud of what we have accomplished," said Harshman. "Together, we strategically re-positioned the Company as a worldwide leader in next-generation broadband solutions and video streaming and delivery solutions, successfully expanding our customer base, international presence and product portfolio. Nimrod is ideally suited to lead Harmonic and our talented global team into its next chapter of innovation and growth."
"I am energized and excited to step into the CEO position," added Nimrod Ben-Natan. "I look forward to collaborating with the Board and our Harmonic team to build on the strong foundation we have established as we continue to revolutionize broadband networks and cloud streaming."
As previously announced in October 2023, Harmonic's Board of Directors initiated a formal strategic review process to consider selling its video division but said that after reviewing a range of alternatives, the Board determined that the current market would not support a sale that represented the true value of the division. Harmonic said its “go-forward strategy” for its Video business will be “centered on driving profitable growth by focusing on scalable market opportunities, streamlining operations and optimizing its cost structure.”
Harmonic says it expects Q1 2024 revenue to be in the range of $121 million to $123 million, down from $167 million in Q4 2023 and $157.6 million in Q1 2023. Revenue will come in at $78.5 million to $79.5 million for the Broadband segment and $42.5 million to $43.5 million for the Video segment, the company said.
