29th May 2018 09:43
LONDON (Alliance News) - Digital advertising technology firm RhythmOne PLC on Tuesday said Chief Executive Ted Hastings has left the company after just under a year in the position.
Hastings, who has been in the post since late June last year, is leaving to "pursue entrepreneurial opportunities".
In his place RhythmOne has appointed Mark Bonney, who the firm said has over 35 years' experience in senior management positions.
Most recently, he was CEO of communications equipment and services firm MRV Communications Inc, which was bought last year by Frankfurt-listed ADVA Optical Networking SE.
RhythmOne said the change was a "coordinated transition" of executive roles as it looks to focus on integrating recent acquisitions.
Chairman Eric Singer said: "We appreciate Ted's service to the company and his leadership over the past year. As we focus on the integration efforts of the combined enterprise, we are excited about the new leadership and the direction we believe Mark will take RhythmOne.
"His extensive experience leading public companies through integrations and other transformative events will be invaluable as we continue to execute against our financial plan and evaluate strategic acquisitions to accelerate growth and profitability with the goal of maximizing shareholder value."
Shares were down 4.9% on Tuesday morning at 226.30 pence each.