- Comscore announced it named board member Bill Livek as its chief executive officer. These are the details.
Comscore has announced it named board member Bill Livek as its chief executive officer. Livek is replacing interim Comscore CEO Dale Fuller. And Comscore also announced it reported lower third-quarter revenue, but the net loss was lower than the third quarter last year.
The executive shuffle comes at a time while Comscore has been seeing some instability. Several high profile executives have left the company over the last few months. And the company saw an 85% loss in share value since late March. The company also recently settled an SEC fraud claim with a $5 million fine. Former CEO Serge Matta has been blamed for that issue. Livek is Comscore’s fourth CEO in the past 3 years.
“This was a transformative quarter for Comscore, as we made substantial progress in refocusing our product portfolio to provide our customers and partners with innovative solutions. During my tenure as interim chief executive officer, we significantly reduced our core operating costs, right-sized our organizational structure, and executed on a strategy that we believe will allow us to achieve breakeven operating cash flow by the end of the year,” said Fuller in a statement. “I am incredibly grateful for the opportunity to have served as Comscore’s interim CEO and believe we are a stronger organization to continue our transformation and bring innovative products and services to our customers. After much consideration, I believe I am best able to serve Comscore and its mission as a member of the board of directors.”
Comscore’s revenue for the third quarter was $94.3 million compared to $102 million during the same quarter one year before. And the net loss was $10.6 million compared to $24.6 million in the same period one year prior.
Livek originally joined Comscore in 2016 from Rentrak. And before that, Livek was co-president of Experian Research Services.
“I am excited about the prospects that lie ahead for Comscore and the opportunities we continue to believe are ripe for disruption. I look forward to capitalizing on these opportunities and creating meaningful value for our stakeholders,” added Livek.
So what is Livek’s plan? Livek plans to tap into the company’s addressable TV offerings to grow the company. By using Comscore’s set-top box data combined with other data sets such as auto registrations, Livek believes there is tremendous addressable advertising growth potential.
Livek was the CEO of Rentrak when Comscore acquired the company in 2016. And he was on the board at Comscore since then. When Bryan Wiener was hired as CEO last year, Livek had the title of executive vice chairman-president. Wiener had resigned in March along with former Comscore president Sarah Hofstetter due to “irreconcilable differences” with the board.
Featured Photo Credit: Matt Greenslade