ASX-listed media intelligence company Isentia has announced the resignation of its CEO and managing director John Croll.
In a statement to shareholders, Isentia said Croll has given six months’ notice so that an orderly transition can occur, and the board is going to undertake a global search for his replacement immediately.
“After almost 20 years as CEO, I believe it is time for a change,” Croll said in a statement.
“I have been incredibly privileged to lead the talented and dedicated team at Isentia. Over the next six months, I will continue to focus on implementing strategic initiatives that will improve the performance of our media intelligence business.”
Isentia chairman Doug Snedden said: “The board recognises the significant contribution John has made to establishing Isentia as the market leader in media intelligence in the Asia-Pacific region.
“John will continue to lead the company with the support and assistance of the board until a successor is appointed. We appreciate John’s ongoing commitment to Isentia as the notice period will ensure a smooth transition to a new CEO.”
Croll’s resignation coincides with Isentia’s half-yearly results, which showed an 11 per cent dive on overall revenue to $70.8 million.
The company’s media intelligence division saw revenue fall 7.1 per cent overall revenue to $67 million, with its Australian and Kiwi arm suffering an 11 per cent decline.
Isentia’s underlying net profit dropped a whopping 79 per cent to 2.6 million in the six months to 31 December 2017 (compared to the previous corresponding period).
Expenses before interest, taxes, depreciation and amortisation was at $11.9 million, with media intelligence EBITDA at $15.7 million (down 30.3 per cent).
Isentia’s exit from the King Content marketing business last year saw an after-tax loss of $11.9 million.
Croll said the first half of FY18 has been a “challenging six months”, noted that the company’s value proposition remains strong.
“The exit from content marketing allows us to focus on improving the profitability of our media intelligence business,” he said.
“The cash flow generation of our subscription model was once again evident this half as operating cash flow increased and net debt was reduced.”