John Croll, the CEO of media monitoring company Isentia Group Limited, is stepping down.
The announcement came at the same time the company posted a $4 million loss for the half year to December compared to a profit of $18,740,000 in the same six months last year. Revenue was down 11% to $70.8 million.
The company has been hit by falling revenue in its media intelligence, customer churn, price erosion and reduced press and broadcast clipping volumes.
The market leading Australian media monitoring group last year fully wrote down by $37.8 million the value of its troubled content marketing business, King Content, and started shedding staff.
Croll, who has been running the company for almost 20 years and has 3% of its shares, has given six months notice.
“I believe it is time for a change,” he says.
“I have been incredibly privileged to lead the talented and dedicated team at Isentia. Over the next six months I will continue to focus on implementing strategic initiatives that will improve the performance of our media intelligence business.”
Doug Snedden, Isentia’s Chairman, said: “The Board recognises the significant contribution John has made to establishing Isentia as the market leader in media intelligence in the Asia Pacific region.”
iSentia shares last traded at $1.21 compared to a 12 month high of $2.33.
The company, founded in 1982 by Sydney advertising pioneer Neville Jeffress, was listed by private equity firm Quadranton on the ASX in June 2014 at $2.04 a share.