XLMedia replaces CEO to inspire growth turnaround
Rakuten chief exec Stuart Simms appointed to replace Ory Weihs from October 2019
XLMedia has replaced its CEO Ory Weihs with Rakuten Marketing boss Stuart Simms to help return the performance marketing firm to growth.
XLMedia co-founder Weihs will continue to work for the Jersey-headquartered affiliate as a non-executive director, having spent almost 16 years in the top job.
New CEO Stuart Simms has significant experience in the performance marketing sector, most recently as CEO of Rakuten Marketing, a global giant with revenues in excess of $1bn. During his tenure at Rakuten Marketing, Simms oversaw a substantial transformation and restructuring of the business, resulting in a return to growth – and XLMedia will be counting on a similar turnaround.
XLMedia’s share price fell by more than 30% last summer after it issued a profit warning due to regulatory upheaval in key markets, including Australia and Europe. Those fears were well-founded after full-year revenue fell by 14% to $118m and profit before tax fell by 36% year-on-year to $25m, down from $39m. SEO spam attacks also contributed to the difficult reporting period.
XLMedia non-executive chairman Chris Bell said: “We are delighted to welcome Stuart to XLMedia and believe he is ideally placed to help deliver the next phase of our growth. His extensive knowledge of the performance marketing arena and technology makes him an ideal candidate to lead our business and both myself and the Board look forward to working with him.
“I would also like to take this opportunity to extend our sincere gratitude to Ory for his outstanding contribution to XLMedia, a business he established in 2008. We are also pleased Ory will be remaining with the business as a non-executive director, allowing the Board to continue to benefit from his expertise,” he added.
Simms starts his new role on 2 October.
XLMedia dropped to fourth position in EGR Marketing’s Power Affiliates 2019 rankings.