oOh!media’s managing director and CEO Cathy O’Connor is step down in the second half of this year.
oOh! said in a release that O’Connor and the board had agreed that with the company’s “performance having improved” and “carrying strong momentum” in the calendar year, it was the right time for a leadership transition.
oOh!’s total revenue grew 13 per cent in the fist quarter of this year with Australian media revenue growing 16 per cent in line with the Outdoor Media Association (OMA).
It said Q2 performance is expected to be consistent with Q1.
In February, oOh! reported revenues of $636 million for the 12 months ended in the December, just 0.3 per cent up on the $636.9 million in the 12 months prior. With its H2 2024 numbers a marked improvement on H1 with the company predicting with 14 per cent revenue growth YTD in February 2025.
oOh! CEO Cathy O’Connor told B&T in February that much of the reason for oOh!’s performance over the calendar year was the exit of big contracts, including the Vicinity retail contract, worth around $30 million.
“When contracts move, share moves. But acknowledging there was a gap in organic share performance against the market. That’s why we were very clear at the half-year to talk about energising our go-to-market and winning a lot of new assets,” she said.
“All the steps are in place for us to bring that share back to the business and that’s certainly starting to pay dividends. We saw big improvements in the second half, two per cent growth in Q3, five per cent growth in Q4 and then we’re pacing up 14 per cent in Q1. That is sales team performance, new assets and those are the things that shift share back to the business over time as contracts move around.”
oOh! Chair, Tony Faure, said of O’Connor’s departure: “After more than four years leading oOh!, and with the business performing strongly in CY25, Cathy has decided, and the Board has agreed, that the time is right for new leadership to deliver the Company’s next multi-year phase of strategy execution and growth.
“Cathy joined oOh! as CEO in the middle of the COVID pandemic and has been instrumental in leading the business through a period of significant change. She led oOh! through its most successful period of major contract wins, while implementing a disciplined commercial mindset and setting the platform for oOh!’s ongoing digital evolution.
“The Board remains highly confident in the Company’s strategy, focused on energizing oOh!’s sales and go-to-market approach, unlocking the full potential of our market- leading network of 35,000 assets, and positioning the business to lead in the retail media segment.
“The Board thanks Cathy for her leadership of oOh! through a transformative period. We are delighted that she will remain with the Company until the second half of CY25 to facilitate an orderly transition.”
O’Connor, said: “Leading oOh! for the past four years has been one of the most rewarding periods of my career, and I am incredibly proud of the team’s achievements, including the unrivalled success in attracting new asset contracts which underpin our future growth and the industry leading margins we delivered in an inflationary environment. The Company now has real momentum, and a depth and breadth of new talent, to chart the course for continued growth. Having discussed with the Board the next multi-year phase of execution ahead of oOh!, we have agreed that the Company is now ready for new leadership”.
“oOh! has developed one of the strongest teams in Australian media, including a leadership group that is among the industry’s most experienced, and I thank the team for their commitment and hard work. I strongly believe in the future growth and growing prominence of the Out of Home industry and that oOh! has the right strategy to lead this evolution and generate long-term value for our customers, our people and our shareholders, and I remain absolutely focused on the execution of oOh!’s strategy.”
The Board has commenced a process with a leading global executive search firm to appoint a new MD and CEO. The comprehensive search process is being overseen by oOh! chair, Tony Faure, and chair of the talent & culture committee, Philippa Kelly.
