Digital Transformation

Comscore replaces CEO and CFO amid internal financial investigation

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By Rebecca Stewart | Trends Editor

August 10, 2016 | 3 min read

TV and cross-platform measurement firm ComScore has announced a c-suite shakeup amid an investigation into its financial practices, replacing its both its chief executive officer and chief financial officer.

The firm’s co-founder Gian Fulgoni has been appointed as chief executive, replacing Serge Matta who will become executive vice-chairman, according to Bloomberg. Meanwhile, chief revenue officer David Chemerow will take hold of the chief financial remit from Melvin Wesley III who is poised to leave the business following a “transition period.”

The company, which is part owned by advertising behemoth WPP, saw its shares tank earlier this year after announcing it needed more time to review the findings of its internal investigation into its accounting. It came after the firm’s audit committee received a message regarding "certain potential accounting matters" in mid-February, causing it to delay the filing its quarterly and annual reports.

ComScore management shake up

ComScore has undergone a management reshuffle / ComScore

The message came two weeks after ComScore completed its $768m merger with former rival Rentrak.

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In July, ComScore executive chairman Magid Abraham resigned company without indicating why, but he will remain on the board through the remainder of his term until 2018.

Variety notes that the firm has now appointed former Procter and Gamble executive Joan Lewis to chair its board of directors, and in an SEC filing today (10 August) said the financial investigation was “substantially complete” with particular areas of concern identified around certain accounting and disclosure practices.

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