By Ronan Shields – August 27, 2024 –
Ivy Liu
Criteo has actually revealed the launch of a “succession strategy” for a brand-new president after existing CEO Megan Clarken notified the advertisement tech clothing’s board of directors that she prepares to retire within the next 12 months.
This advancement comes at a vital time for the business as it looks for to finish its shift from its earliest days as an advertisement retargeting clothing to a “commerce media” gamer, a relocation demanded by growing personal privacy requirements.
Clarken will continue to work as CEO up until her follower is called– these advancements are anticipated to happen within the next 12 months. Clarken is likewise set to stay with Criteo in a senior consultant function, offering services till any required shift is total.
Criteo has actually started a search and engaged Heidrick & & Struggles to discover a follower, with Rachel Picard, chair of the business’s board of directors, keeping in mind how Clarken has actually made “vital contributions to Criteo over the previous 5 years,” according to a news release.
5 years of M&A, plus research study financial investment
Clarken took control of as CEO of Criteo in November 2019, when the openly noted advertisement tech business was experiencing some screening times as leading web platforms such as Apple and Google started withdrawing assistance for innovations such as third-party cookies in their web browsers.
These relocations were required by growing federal government personal privacy needs, with authorities presenting laws such as the EU’s General Data Protection Regulations and the California Consumer Protection Act.
As an outcome of this (in addition to its reducing share rate), Criteo moved its focus from advertisement retargeting to a wider variety of marketing innovations and services, the specifying function of Clarken’s time in workplace. Speaking to Digiday at the time, Clarken noted her aspiration for Criteo to be “the [independent] advertisement tech business for the open web.”
Ever since, Criteo has actually made numerous considerable acquisitions to reinforce its retail media play. The most noteworthy acquisition throughout this duration was IPONWEB, a leading advertisement tech business Criteo acquired in December 2021 for around $380 million. This acquisition, finished in a mix of money and Criteo treasury shares, was a tactical relocate to improve Criteo’s media trading abilities and much better position itself in the post-third-party cookie marketing landscape.
In addition, in 2022, Criteo broadened its abilities by obtaining the London-based retail media platform Mabaya (particular monetary regards to the offer were not revealed), followed by the 2023 purchase of BrandCrush.
More just recently, different sources informed Digiday that Criteo remained in conversations to advance its footprint in the retail media area by holding M&A conversations with Skai, a clothing previously referred to as Kenshoo, with some recommending a possible cost north of $500 million.
Clarken’s period was likewise marked by substantial financial investment in Privacy Sandbox research study as Google kept the open web kept the ‘open web’ on edge with its choice on whether or not it would diminish third-party cookies in its web internet browser Chrome– a crucial choice that’s likewise been tossed into concern just recently.