Amid a restructure and executive exodus, Rubicon Project replenishes its C-suite
Under-fire adtech outfit Rubicon Project has today (February 23) named David Day as chief financial officer of the company, effective immediately, an appointment that comes just two days after it revealed that several high-profile executives were to leave the company.
Rumors have been circulating that Rubicon is seeking a buyer to take it off the public market
Day is being promoted within its ranks; he has been serving as interim CFO since May, with the latest announcement coming just days after it was revealed that its former president Greg Raifman is to vacate that role amid a wider restructure that would also see six other executive-level employees depart the company (although it declined to name these individuals).
He will be responsible for overseeing all finance functions, including financial reporting, treasury, tax, audit and investor relations for the publicly traded technology company and will report directly to Rubicon Project’s chief executive officer Frank Addante.
“David will play a key role in the go-forward strategy for the company and will continue to be a valued partner on our executive team as we focus our business to provide innovative solutions to our clients and continued long-term value to our stockholders,” said Andante.
The latest announcement follows an earlier announcement that it was to cut 125 employees from its pay-roll, plus the closure of its Toronto office, announced in January.
Speculation remains rife that a potential sale could be being worked up behind the scenes but the company remains tight-lipped on the matter.
Instead, Addante maintains that the spate of departures has been necessitated by the need to restructure the business around its core ‘ad exchange’ work which sells its technology to ad sellers and online publishers directly, bypassing ad buyers.
Outlining the state of play in a letter to investors Addante wrote: “I am confident that these necessary changes, along with the strength of Rubicon Project’s premium technology platform and value proposition in the global marketplace, has the company poised for success in 2017.”