Rubicon Project has announced a management restructuring that will result in its president, Greg Raifman, and six other executives departing the company – as it looks to complete the streamlining of its operations.
The online advertising technology company will continue to have Raifman on its board of directors, but he will cease the running of its day-to-day operations. The latest cull comes after Rubicon cut 19 per cent of its workforce, totalling 125 employees, in November – as part of its ‘comprehensive realignment of the business’.
“We believe in always keeping our eyes firmly focused on what truly matters – our team and our customers. We are focusing on our core business strengths and mission which has resulted in a profitable business, with almost $200m in cash on hand, and continued market share growth and success of the company for the past 10 years,” said Frank Addante, Rubicon Project CEO, in an open letter.
“We want to thank the people who are departing for their many contributions to the business. This management restructuring is the final step in our restructuring initiative and will enable us to reallocate resources to invest in growing our marketplace, as well as technology and R&D including mobile, video, orders and our consumer initiative.”
There is continued speculation that Rubicon’s restructuring may be linked to it exploring a potential sale – but the company is yet confirm or deny the rumours.