Corey Ferengul, the CEO of New York City-based ad tech firm Undertone, has left the company eight months after it was acquired by publicly-listed Israeli marketing software company Perion for $180 million.
The news was revealed during Perion’s second quarter earnings call (full transcript here).
Perion CEO Josef Mandelbaum explained on the call that the company has been moving to centralize Undertone’s corporate functions — including HR, finance, legal, and parts of R&D — a process that resulted in Ferengul’s departure.
The day-to-day management of Undertone — which focuses on the creative, media, and tech for big-spending advertisers to pay for video and other interactive ads across screens — now rests with its existing senior management team.
Mandelbaum added: “I’d like to take this opportunity to thank Corey for those years of service and wish him well in his future endeavours. We believe we are strategically well positioned and have the team and solutions to achieve more robust growth and I’ll be pushing that forward in the coming quarters. To drive accelerated growth, we are focusing on three main areas: leveraging our internal assets for the benefit of our customers; expanding our existing partnerships and creating new ones; and enhancing our unique programmatic capabilities.”
Ferengul joined Undertone in 2013 and became CEO in 2014. Previously he was EVP of product management and strategy at Angry Birds-maker Rovi Corp.
Business Insider understands he is now assessing other opportunities, although he does not yet have a job to go to.
Both Perion and Ferengul declined to comment further.
Perion reported a 61% year-on-year lift in revenue to $78 million in the three months to June 30. Net income fell 93% to $585,000 in the period.
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