TIDMRTHM
RNS Number : 4401P
RhythmOne PLC
29 May 2018
RHYTHMONE PLC
DIRECTORATE AND MANAGEMENT CHANGES
Management change focused on accelerating value creation
London, England and San Francisco, CA. - 29 May 2018 - RhythmOne
plc ("RhythmOne" or the "Company") today announces that Ted
Hastings, who has served as the Company's Chief Executive Officer
since June 2017, has resigned as both Chief Executive Officer and a
member of the RhythmOne Board of Directors, to pursue
entrepreneurial opportunities. The Company is pleased to announce
that the RhythmOne Board has appointed Mark Bonney as President,
Chief Executive Officer of the Company and an Executive Director of
the Board.
This is a coordinated transition in executive roles that
supports RhythmOne's evolution, and the Board believes that Mr.
Bonney is particularly suited to drive the next phase of the
Company's development. With RhythmOne's end-to-end programmatic
engine firmly established, the Company intends to focus on the
integration of recent acquisitions in order to create an effective
platform to facilitate growth and scale and, ultimately, drive
shareholder value creation.
Mr. Bonney, age 64, has over 35 years of experience as a senior
executive officer and has held a variety of roles that include
Chief Executive Officer, Chief Financial Officer and Chief
Operations Officer - in both the United States and internationally,
as well as several directorships of public and private businesses.
Mr. Bonney has led companies through various transformative events
with a proven track record of having dramatically increased value
for shareholders and maximized opportunities for growth. Most
recently, from December 2014 until its sale in August 2017, Mr.
Bonney served as President, Chief Executive Officer and an
executive director of MRV Communications, Inc. ("MRV"), a
communications equipment and services provider. Mr. Bonney was an
Independent Director of MRV from April 2013 until his appointment
as Executive Vice President and Chief Financial Officer in August
2014. From January 2013 through August 2014, Mr. Bonney served as
President, Chief Executive Officer of On Board Advisors LLC.
Previously, Mr. Bonney held a number of executive positions at
various companies, which included President and Chief Operating
Officer, Vice President of Operations, and Chief Financial Officer.
Mr. Bonney holds a BS in Business Administration and Economics from
Central Connecticut State University and an MBA in Finance from the
University of Hartford.
In the five years preceding his appointment at the Company, Mr.
Bonney holds or has held the following directorships:
Current:
-- Zix Corp.
-- SeaChange International, Inc.
-- eConsult Network, Inc.
Previous:
-- MRV Communications, Inc.
-- Sigma Designs, Inc.
-- Community Health Centers, Inc.
-- On Board Advisors LLC
Preceding his appointment at the Company, Mr. Bonney has held
the following directorships in companies that went into
receivership:
-- DB Media Distribution (formerly Columbia House Company Canada - DVD/CD clubs
-- DB Media Distribution, Inc. (formerly Doubleday Canada Limited) - Book clubs
-- CH LLC Canada and CH Sub LLC Canada - Holders of partnership
interests in DB Media Distribution
Ted Hastings, former Chief Executive Officer, said:
"I am grateful for my experience at RhythmOne and the
accomplishments during my tenure, which put in place vital building
blocks for the future success of RhythmOne. I believe that now is
the right time for me to transition out of the role and to pursue
entrepreneurial endeavors. I look forward to remaining a
shareholder of the Company."
Eric Singer, Chairman of the Board said:
"We appreciate Ted's service to the Company and his leadership
over the past year. As we focus on the integration efforts of the
combined enterprise, we are excited about the new leadership and
the direction we believe Mark will take RhythmOne. His extensive
experience leading public companies through integrations and other
transformative events will be invaluable as we continue to execute
against our financial plan and evaluate strategic acquisitions to
accelerate growth and profitability with the goal of maximizing
shareholder value."
Mark Bonney, newly-appointed President, Chief Executive Officer
said:
"The RhythmOne opportunity draws squarely on my experience of
integrating businesses and building value for shareholders. I look
forward to working with the executive team to execute against the
FY2019 plan and continue the hard work of integrating the prior
acquisitions. I've met with several members of the board and
executive team and am excited about the opportunities that lie
ahead of us."
RhythmOne affirms the outlook statement made at the time of its
trading update on 19 April 2018 and expects performance for the
full year ended 31 March 2018 to be in line with expectations. The
Company intends to release its full year results on or around 14
June 2018.
In relation to Mr. Bonney's appointment to the Board, there is
no further information required to be disclosed pursuant to
paragraph (g) of Schedule 2 of the AIM Rules for Companies.
The information communicated herein constitutes inside
information.
About RhythmOne
RhythmOne drives engagement between advertisers and targeted
audiences - resulting in real, measurable business outcomes. We
offer fully integrated, cross-screen solutions that span desktop,
mobile, and connected TV ("CTV") across high-impact video, rich
media, display, social, and native advertising formats - ensuring
advertisers reach high-propensity audiences wherever and however
they consume content. The connections we make are further enhanced
through unique audience data and powered by our unified
programmatic platform, RhythmMax. This end-to-end platform -
coupled with the world-class service of our account teams -
provides more direct, efficient, and effective connections, driving
ROI for advertisers and publishers. Founded in 2004 in the UK,
RhythmOne is headquartered in San Francisco with offices in the US,
UK, Europe, APAC, and Canada. For more information, please visit
www.rhythmone.com.
Analyst and Investor Contact
Dan Slivjanovski
RhythmOne plc
Financial Media Contacts
Edward Bridges / Dwight Burden / Rob Mindell
FTI Consulting LLP
(UK) 020 3727 1000
Nomad and Broker for RhythmOne
Nick Westlake (Nomad) / Michael Wharton / Toby Adcock
Numis Securities Limited
(UK) 020 7260 1000
Forward-Looking Statements
This press release contains certain forward-looking statements
with respect to future events and our future financial
performances. All statements other than statements of historical
fact are statements that could be forward-looking statements,
including, but not limited to our Outlook, statements about the
YuMe acquisition, the anticipated benefits and synergies associated
with the acquisition, future opportunities, future expectations,
beliefs, plans, objective, financial conditions, assumptions or
future events or performance and quotations from management.
These forward-looking statements are subject to a number of
risks and uncertainties, assumptions and other factors that could
cause actual results and timing of events to differ materially from
future results that expressed or implied in our forward-looking
statements. Among the key factors that could cause or contribute to
such differences include the growth and prospects of the digital
advertising industry, forecasts regarding internet usage and
advertising spend, projected levels of growth in RhythmOne's
markets, RhythmOne's expectations about the factors that drive
business, RhythmOne's investments in international and emerging
market and sectors, anticipated trends and challenges in
RhythmOne's industry, including but not limited to the increasing
quantity, variety and fragmentation of digital video content,
platforms, distribution channels and technologies, the expansion of
the digital media advertising market in general and the digital
video advertising market in particular, RhythmOne's operating
results, including revenue, cost of revenue, expenses and
liquidity, RhythmOne's strategy and competition, market trends,
including overall opportunities for digital media advertising and
shifting advertising budget, the ongoing improvement and refinement
of RhythmOne's data-science capabilities, developments in the
regulatory framework applicable to RhythmOne's business, and
RhythmOne's intellectual property and proprietary technologies.
These and other risk factors are discussed in "Risk Factors" of the
prospectus/offer to exchange relating to the Offer and in the
documents incorporated by reference into such prospectus/offer to
exchange, including those in the section "Risk Factors" in YuMe's
Annual Report on Form 10-K for the year ended December 31, 2016 and
YuMe's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2017. Each of these referenced documents are on file
with the United States Securities and Exchange Commission and can
be found at www.sec.gov.
All forward-looking statements attributable to RhythmOne or
persons acting on their behalf, are expressly qualified in their
entirety by the cautionary statements set out herein and speak only
as of the date they are made. Subject to compliance with applicable
laws and regulations, RhythmOne disclaims any intention or
obligation to update or revise any forward-looking statements and
undertakes no obligation to release publicly the results of any
future revisions to the forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Copyright (c) 2015 - 2018 RhythmOne. All rights reserved.
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END
BOADMGZKZRMGRZZ
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