Video-conferencing business Lifesize was acquired by Logitech for $400m then nearly sank in corporate seas. Having spun out, CEO Craig Malloy explains how he is making it buoyant again.
In order to stay afloat, I had to sink our ship. It was a daunting decision, but as the “Captain” it was necessary. Lifesize’s journey began in 2003 as a provider of communications equipment for conference rooms. By 2009 we were a $160 million powerhouse; Logitech noted our success and acquired us.
Initially, it was very validating, but as time passed the world changed: collaboration services started moving to the cloud, and Lifesize was stuck in the boardroom and the corporate data center. By 2014, we reached our “evolve-or-die” moment: ditch our legacy model, or go down with it.
Now that we’re through the reinvention process – and as of late December 2015, officially spun off from Logitech, I’ve compiled four lessons that resonate across all aspects of leadership, and can help others negotiate similar seas of change with confidence.