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Ad tech company Rubicon Project has lost two more of its key senior executives at a time when the company is still reeling from a disappointing set of Q3 earnings, layoffs, and the loss of its CTO.
Jay Sears, Rubicon Project’s SVP of marketplace development has joined Mastercard Advisors as head of its media solutions group. He had been with the company since 2011.
Adam Chandler, senior vice president of global technology partnerships, has left the company after just over two years to join New York City-based mobile brand advertising company Kargo.
News of Sears and Chandler’s departures comes just a month after the company confirmed its chief technology officer, Neal Richter, was transitioning to a “consultant advisory role” and leaving the company at the end of the year. He has been replaced by Tom Kershaw, who joined the company in October.
Last month, Rubicon Project announced it was laying off 125 people – 19% of its total staff.
That announcement came during the company’s third quarter earnings in which it lowered its guidance for the fourth quarter, blaming a “challenging” ad market and admitting it had been slow to adopt header bidding, a popular new ad technology technique that is boosting revenue for publishers. Business Insider reported in early November that the analyst view on Rubicon Project is a broadly negative one.
Nevertheless, Rubicon Project is continuing to forge important partnerships. Most notably, the company announced earlier this month it will be powering Clear Channel Outdoor Americas’ programmatic digital billboards. And the company extended its partnership with Spotify, for programmatically-traded audio ads, to the APAC region.
Rubicon Project provided the following statement:
“Rubicon Project is a 600-person company with more than 80 VPs and above (25 SVPs, 50 VPs, and only a few executives), and very few of them are directly involved with the leadership and decision-making required to operate the business. At the beginning of 2016, we kicked off a global organization realignment initiative that resulted in combining our entire global sales team under a single leader. Later in the year, we rolled out similar restructuring for our revenue operations, and we hired Tom Kershaw to lead and do the same thing for our product and engineering teams. In November of this year, we announced team reductions and changes that were required in order for us to focus the business and team on being more effective and efficient at delivering innovative solutions for our customers, partners and the market. None of our reductions were in growth areas, and we are still investing aggressively in growth. With a company of our size it is not uncommon to have turnover among team members. For the most part none of these departures were a surprise to us and all of them have been the result of proactive business decisions that we made. We believe we’ve retained the top talent needed for our organization to be successful now and in the future. This is far from a mass exodus,” commented a spokesperson from Rubicon Project.”