NEW YORK--(BUSINESS WIRE)--Tremor Video, Inc. (NYSE:TRMR), a provider of software for video ad effectiveness, today announced record financial results for the fourth quarter and full year ended December 31, 2016, meeting or exceeding expectations across all metrics, including record quarterly Total Spend, revenue, gross profit, and Adjusted EBITDA.
The Company also announced that Bill Day, who has served as Tremor Video’s CEO since 2008, has decided to resign from his position, effective immediately. Mr. Day will continue to serve as a special advisor to the Company and its Board of Directors through June 1, 2017. Non-Executive Chairman of the Board and media industry veteran Paul Caine has been appointed Interim Chief Executive Officer, effective February 9, 2017, and will lead the search along with the Board for the new CEO of the Company. Mr. Day will also resign as a member of the Company’s Board, effective March 1, 2017.
CEO Transition
“On behalf of the board, we applaud Bill for his significant contributions during his eight years of service with the Company, and we are grateful for his efforts in building our leadership position in the video advertising marketplace. We reached many important milestones during Bill’s tenure and his expertise has guided the Company to a position of strength while setting us on a strong path for sustainable profitability and future growth,” said Mr. Caine.
Paul Caine has deep industry experience and knowledge of Tremor Video’s business, having served on the Board and as a member of its Audit Committee since 2014, and as its Non-Executive Chairman since July 2016. Mr. Caine has previously held positions as the Global Chief Revenue and Client Partnerships Officer for Bloomberg Media and as CEO of WestwoodOne as well as several executive roles at Time Inc. While serving as Interim CEO, Mr. Caine will remain a member of the Company’s Board, but will step down from his roles with the Audit Committee and as Non-Executive Chairman.
The Company’s Board has engaged the executive search firm Heidrick & Struggles to assist in the search for Mr. Day’s replacement.
Bill Day commented, “Tremor Video’s innovative software platforms strongly position it to capitalize on two of the largest advertising growth trends, programmatic video buying and selling, and the increasing flow of spend from linear TV into digital video. As evident in today’s results, the Company is on a positive trajectory towards combined growth and profitability. It’s been a true team effort, and I fully expect that this team will continue to deliver strong outcomes during this transition.
About Tremor Video: Tremor Video (NYSE: TRMR) provides software for video advertising effectiveness. Our buyer and seller platforms enable seamless transactions in a premium video marketplace by offering control and transparency to clients. We employ patented all-screen technology to make every advertising moment more relevant for consumers, and deliver maximum results for buyers and sellers.
