ComScore announced that co-founder and CEO Gian Fulgoni will retire from the company in January 2018 and transition to an advisory role with the audience measurement firm.
Fulgoni, who co-founded the company in 1999, is leaving the CEO role after assuming the position in 2016. ComScore's board chair, Sue Riley, and directors Wesley Nichols and Michelle McKenna-Doyle will pick up the search for a new, more permanent replacement for CEO.
"When I accepted the CEO role in August 2016, it was with the knowledge that in the near term I had to address the immediate challenges comScore faced, but that at some future point we would need to recruit the company's next-generation CEO,” said Fulgoni in a statement. "With much accomplished, a strong management team and board in place and the company focused on its business expansion, now is the time to begin the new CEO search. It's been my privilege to have led comScore as CEO through the challenges we have faced over the past 15 months and I want to thank our employees for their focus and hard work.”
Fulgoni assumed the role of CEO after former CEO Serge Matta was ousted from the position last year. Matta, who resigned from ComScore’s board in December 2016, was one of several executives, including co-founder and former CEO Magid Abraham, who left the company amid an internal investigation into financial irregularities.
RELATED: ComScore cuts 7 board members, appoints interim CFO in hopes of turnaround
ComScore has been busy reshaping its management team and board following the investigation. In September, the company announced the departure of directors William Engel, Russell Fradin, Lisa Gersh, Mark Harris, William Henderson, Ronald Korn and Joshua Peirez.
ComScore also appointed an interim financial chief after CFO David Chemerow left the company on Sept. 8. David Kay, co-founder and managing partner of CrossCountry Consulting, joined ComScore as interim CFO. His firm worked with the company on its internal audit investigation.
ComScore also managed to settle a suit brought about by activist hedge fund Starboard Value, which holds a 4.8% stake in the company, by appointing three new independent board members.
"The appointment of these new directors will provide additional insights and valuable expertise to comScore as it continues to focus on profitability and growth," said Peter Feld, managing member of Starboard Value, in a statement. "We are pleased to have worked constructively with comScore to reach this agreement, which we believe will further strengthen the board of directors. We are confident that the newly reconstituted board will enhance value for shareholders and improve the company's financial reporting and operations."