Ad tech company Rubicon Project has lost 2 more of its key executives

Jay searsRoy Rochlin/Getty ImagesJay Sears is leaving Rubicon Project after five years to join Mastercard.

Ad tech company Rubicon Project has lost two more of its key senior executives at a time when the company is still reeling from a disappointing set of Q3 earnings, layoffs, and the loss of its CTO.

Jay Sears, Rubicon Project’s SVP of marketplace development has joined Mastercard Advisors as head of its media solutions group. He had been with the company since 2011.

Adam Chandler, senior vice president of global technology partnerships, has left the company after just over two years to join New York City-based mobile brand advertising company Kargo.

Rubicon Project declined to comment on this story.

News of Sears and Chandler’s departures comes just a month after the company confirmed its chief technology officer, Neal Richter, was transitioning to a “consultant advisory role” and leaving the company at the end of the year. He has been replaced by Tom Kershaw, who joined the company in October.

Last month, Rubicon Project announced it was laying off 125 people — 19% of its total staff.

That announcement came during the company’s third quarter earnings in which it lowered its guidance for the fourth quarter, blaming a “challenging” ad market and admitting it had been slow to adopt header bidding, a popular new ad technology technique that is boosting revenue for publishers. Business Insider reported in early November that the analyst view on Rubicon Project is a broadly negative one.

Nevertheless, Rubicon Project is continuing to forge important partnerships. Most notably, the company announced earlier this month it will be powering Clear Channel Outdoor Americas’ programmatic digital billboards. And the company extended its partnership with Spotify, for programmatically-traded audio ads, to the APAC region.

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