Tremor Video announced that their CEO Bill Day has resigned from his position, effective immediately. Day, who has served as Tremor Video’s CEO since 2008, will continue to serve as a special advisor to the company and its board of directors until June of this year. The company has not provided any background on why Day is stepping down. In the meantime media industry veteran Paul Caine has been appointed Interim CEO, effective from today, and will lead the search along with the Board for the new CEO of the company.
Paul Caine has served on Tremor’s board and since 2014, and has acted 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.
Day’s resignation comes at a time when Tremor appears to be making a successful transition from being a video ad network to becoming a programmatic platform. The company’s programmatic spend grew by 96 percent to $138.3 million in 2016.
However, Tremor’s revenue was down by four percent year-on-year, due mainly to the decline of the legacy ad network business:
But the outlook for 2017 is looking more positive, and the company is forecasting revenues of between $180 and $190 million.