The Rubicon Project Inc (NYSE:RUBI), which happens to be a leading ad-tech firm in Los Angeles has made the move to bring onboard Michael Barrett as the new CEO. Inside sources reveal that Rubicon Project Inc’s founder, Frank Addante will continue with his chairmanship role.
This comes in a wake when the company witnessed the departure of some seven top executives. The incident took place last month and President Greg Raifman was one of the officials who vacated their offices. The company is currently focusing on its ad exchange business and is doing all it can to target the various online publishers and ad sellers rather than the ad buyers.
In the meantime, it has showcased a rough fourth quarter, whereby it has made a report of a net loss of $21.2 million in comparison to the net income of $20.4 million during the same period in the previous year. It was on revenues of $72.7 million which was 23% lower than that witnessed one year back. It was in the same quarter when the high end provider made announcement regarding the laying off of the 125 staff members that occurred in November.
The shares of Rubicon declined after hours of trading, opening at $6.70 this morning which indicates a 20 percent drop from the close observed yesterday. As per this point in time, the stock has declined much further hovering at about $6.10.According to the company, the slow adoption of the “header bidding,” is to blame for the slowdown. The header bidding in a great way helps to push for better pricing which enables most of the buyers to bi on ad inventory simultaneously.
Barrett was previously serving in the capacity of CEO for Millennial Media though hem later on sold it off to AOL/Verizon. Earlier on, he was the Chief Executive Officer at AdMeld. The Rubicon Project Inc greatly understands the needs of its customers. Michael’s entry is an assurance that the company is bringing in great and proven experience that will see it scale up to greater heights. He will work together with the team to help improve service delivery.
