Adtech platform OBMedia, in which ASX-listed Enero is seeking to sell its 51% stake, is changing CEOs.
Raja Gupta is standing down to be replaced by Mike Lynn, a founder and shareholder in WOAM, which co-owns OBMedia with Enero.
“At Enero, we remain focused on strengthening the OBMedia business for the future and positioning it for long-term success in a dynamic market,” said Ian Ball, chief operating officer of Enero.
Gupta will continue to serve OBMedia as a board member.
“With a deep understanding of the business, Mike Lynn will be elevated to the CEO role for OBMedia on an interim basis effective immediately,” said Ball.
Lynn currently serves as chief technology officer and has played a pivotal role in driving OBMedia's technological advancements and strategic initiatives.
Ball said Lynn‘s extensive experience in the industry and deep understanding of OBMedia's operations makes him well-suited to lead OBMedia.
“I am honoured to step into the CEO role during an important transition period,” said Lynn.
“OBMedia has a strong foundation and a talented team, and I am committed to continuing our focus on innovation and growth.
“I look forward to working closely with our employees, partners, and stakeholders to drive the business forward and achieve our long-term goals."
Net Revenue in OBMedia fell 23% to $19.6 million in the half year to December, impacted by "challenging" adtech market conditions.
Enero, the owner of creative agency BMF, heath care agency Orchard and communications unit Hotwire, in the same six months recognised $2.6 million of restructuring costs relating to the OBMedia strategic review and redundancy costs mainly in Hotwire Group,
At last report, Enero was continuing talks with “multiple” parties to sell its holding in OBMedia.
Enero Group reported net revenue down 12% to $88.3 million in the half year to December. Net profit after tax was down by more than half to $3.2 million.
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