SARASOTA — Video communications company xG Technology Inc., which formerly focused on wireless communications in rural markets, announced Roger Branton, CFO and co-founder, has been appointed CEO by the board of directors, effective immediately.
According to a press release, Branton was also elected to the company's board of directors. Gary Cuccio, xG Technology's interim CEO since April 23, will continue to serve as board chairman.
"Roger Branton is the ideal choice to lead xG Technology into its next phase of growth," say Cuccio in a statement. "Through his efforts, the company is now in an improved financial position and can effectively pursue both organic growth prospects as well as strategic merger and acquisition opportunities that would be beneficial for the company and the interests of its shareholders."
As CFO, Branton has been involved in xG's growth, including startup, obtaining growth capital through initial public offerings and follow-on acquisitions of complementary companies. The Sarasota-based company had $47.8 million in revenues in 2017 — up 624% from $6.6 million in 2016.
"I am excited to take the helm at xG at this important juncture in its history, as the company is on a more solid financial footing than it has been in quite some time," Branton says in a statement. "I look forward to working with our team members to capitalize on our leadership in live video communication systems, where our market prospects in broadcasting, sports and entertainment and mission-critical and tactical applications are exceptionally promising."
xG works with customers in broadcast, sports, entertainment, law enforcement, public safety and defense.