As part of Libsyn’s agreement to settle a dispute with activist shareholder Camac Partners last month, the company agreed to diversify its board with three newly-named independent directors. That included putting Carmac founder Eric Shahinian and Brad Tirpak, a managing director at the investment firm Palm Active Partner, on the board. Now Libsyn has named the last of the three. Brian Kibby, CEO of N2Ventures and Senior Partner of N2Growth, an executive search firm that works with private equity companies and venture capital firms, is joining the Libsyn board. In addition to his duties as a director, Kibby will also sit on the board’s compensation committee that makes decisions related to executive pay.
Kibby’s background includes executive positions at McGraw-Hill Higher Education and MV Transportation, the nation's largest privately-held transportation company. Prior to joining N2Growth in September, Kibby, 53, served as CEO of Knewton, where he led a team that created an AI-driven, SaaS model for higher education course materials.
"We are excited to add an insightful new independent voice to our board of directors," said Libsyn CEO Chris Spencer in the announcement. "Brian Kibby is known for his innovative ways of marrying content and technology to drive performance and deliver value. He has significant experience leading companies that are undergoing rapid growth and is uniquely qualified to help Libsyn execute its strategy as we focus on continuing our strong performance and further enhancing value for all shareholders."
To make a seat available for Kibby, Libsyn also announced that Greg Smith has stepped down from the board. With a background in film and television production, Smith had been on Libsyn’s board since Sept. 2016.
Libsyn last month settled a long-running dispute with shareholder Carmac, which had been pushing for a new board to be appointed after the company issued stock rewards when it signed contract extensions with Spencer and CFO John Busshaus last spring.
Under the terms of the settlement, Libysn agreed to bring in new independent board members and cancel 150,000 stock equity awards that it had given to each of the executives. It also said it would pay up to $600,000 to Carmac to cover the out-of-pocket expenses it incurred during the fight.