VideoAmp CEO out amid layoffs, financial drama
VideoAmp's CEO is stepping down and the company is cutting 20% of its workforce as the media measurement firm reduces expenses after signs of financial trouble.
Why it matters: The startup is one of a few video measurement upstarts looking to take on Nielsen in serving the multibillion-dollar TV ad market.
Details: Founder and CEO Ross McCray announced his executive transition, along with other executive changes, in a letter posted on VideoAmp's website on Thursday.
- Board member Peter Liguori was named executive chairman. The company also has hired Nielsen veteran Peter Bradbury as chief commercial and growth officer. McCray will remain on the board.
- VideoAmp had about 400 employees in September. These cuts bring its headcount down to about 320.
- Ad Age first reported the news of the leadership shakeup and layoffs.
Flashback: In September, VideoAmp announced a $150 million Series G from Vista Credit Partners. The following day, Axios reported that it had quietly laid off 10% of its staff, or around 40 people. VideoAmp president Michael Parkes also stepped down.
The big picture: A slew of chaotic changes to VideoAmp's leadership team, staffing and finances underscore the challenges it faces trying to disrupt the media measurement industry.
- The firm paid off some debt ahead of its latest round, but stakeholders have been concerned about the company's spending, sources told Axios.
- Nielsen also has made staffing cuts and leadership changes as it tries to maintain its dominant position. It laid off 9% of its staff, roughly 1,000 employees, and named Karthik Rao as its new CEO last year.
Editor's note: This story was updated to make clear that McCray will remain with the company as a board member.