Products You May Like
Comscore has named board member Bill Livek as its chief executive officer, replacing the interim CEO Dale Fuller. It also reported lower third-quarter revenue, but its net loss that was far less than Q3 last year.
The CEO move comes as the show business data-measurement corporation is facing headwinds. It has seen several high-profile exec departures in recent months, lost more than 85% of its share value since late March and recently settled an SEC fraud claim by agreeing to pay a $5 million fine. ComScore blamed that problem on its former CEO Serge Matta.
“This was a transformative quarter for Comscore,” Fuller said. “During my tenure as interim chief executive officer, we significantly reduced our core operating costs, right-sized our organizational structure, and executed on a strategy that we believe will allow us to achieve breakeven operating cashflow by the end of the year.”
Revenue for the third quarter was $94.3 million, compared with $102.9 million in the Q3 last year. Its net loss of $10.6 million, or 16 cents per share, is way less than the $24.6 million (42 cents per share) in the year-ago quarter. Adjusted EBITDA for the quarter increased 23.2% year-over-year to $6.4 million.
Livek joined Comscore in 2016 from Rentrak, where he spearheaded the next generation of products to measure movies and TV as vice chairman and CEO. Before that he was co-president of Experian Research Services.
“I am excited about the prospects that lie ahead for Comscore and the opportunities we continue to believe are ripe for disruption,” Livek said. “I look forward to capitalizing on these opportunities and creating meaningful value for our stakeholders.”