Ed Harrison, who was CEO of Yahoo7, the now defunct joint venture between Seven West Media and Verizon, is to become the new chief executive of media monitoring group Isentia.
A short time ago, Isentia’s shares were up almost 13% to $0.79. The shares are still a long way from the 12 month high of $2.33.
He replaces John Croll, who had been running the company for almost 20 years. He resigned in February and stepped down from the position in May.
Harrison was made redundant when Seven West Media sold its 50% stake in Yahoo7 to Oath in March.
Isentia 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.
Isentia posted a $4 million loss for the half year to December compared to a profit of $18.74 million in the same six months last year. Revenue was down 11% to $70.8 million. Full year results are due to be announced in August.
“I am delighted to be joining an iconic company like Isentia, which is widely known as the leading provider of media intelligence in the Asia-Pacific region,” says Harrison.
“Like many organisations, Isentia is facing a number of challenges associated with the rapidly changing media landscape.”
Harrison has more 25 years experience across many types of media including print, outdoor and digital, in Australia, New Zealand and the UK.
He came to Australia in 2001 to set up JC Decaux’s business in Victoria and South Australia. From 2003 to 2008, he was General Manager (Australia) of JC Decaux, the world’s largest out-of-home advertising company.
Harrison then joined Fairfax Digital, a leading provider of online news, information and classified websites, as Group Sales Director.
From 2014 to June 2018, he was the CEO of Yahoo7, a joint venture between Seven West Media and Verizon.
He will get a base pay of $676,000, plus short and long term incentives.
Isentia also announced the resignation of James Orlando as Chief Financial Officer.