Ad tech company Rocket Fuel has announced a series of changes to its top management.
Randy Wootton, the company’s sales boss since March, is the company’s new CEO. Prior to joining Rocket Fuel, he was an executive at Salesforce and he also did a stint at Microsoft.
He replaces Monte Zweben, who has been acting chief executive since March.
Zweben is moving to the position of executive chairman, replacing co-founder and former CEO George John, who is leaving the company to join a VC firm as an entrepreneur in residence.
Also out is Rocket Fuel’s CFO David Sankaran, who is leaving the company on November 30. He will be replaced in the interim by Cal Hoagland, who is a partner at board advisory firm FLG Partners.
The sweep of announcements came as Rocket Fuel announced its Q3 results. The company beat market consensus on EPS by $US0.09, reporting EPS of -0.16. But the company missed analysts revenue expectations by $US10.5 million. Revenue was up 9.5% year-on-year to $US111.8 million. Rocket Fuel widened its operating loss from $US23.8 million in the third quarter of 2014, to $US134.5 million this quarter.
Rocket Fuel’s stock was down 8.6% in after-hours trading.
Rocket Fuel has seen the value of its stock drop by 69% over the past year.
In April the company announced it was laying off 11% of its workforce as it looked to reduce costs by $US30 million.
The company has been working hard to pick itself up from a Financial Times report published in May last year that implied ads served using its technology for Mercedes were viewed by more bots than humans.
The report sent its stock diving, and later that year the company announced it was lowering its guidance for the full-year. That led to several class action lawsuits being filed against the company, claiming the company disseminated false and misleading statements to investors.
Rocket Fuel denies the allegations and has since launched a “Traffic Scanner” product, which allows marketers and publishers to check their ad campaigns and websites for non-human traffic.
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