John Croll, CEO and MD of Sydney-based media monitoring company Isentia, is stepping down after 20 years, according to a statement posted to Australian Securities Exchange. He has given six months notice so that a transition can occur and the board is going to undertake a global search for his replacement.
After almost 20 years as CEO, I believe it is time for a change.
"Over the next six months I will continue to focus on implementing strategic initiatives that will improve the performance of our media intelligence business," said Croll. The company said Croll will continue to support and assist 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. An external search for a replacement will commence immediately," said Doug Snedden, Isentia’s chairman.
Croll’s resignation coincides with Isentia’s first-half results, which showed an 11% dive on overall revenue to AUD$70.8 million.
Last October, the company revealed plans to wind down its content marketing business, formerly known as King Content, by the end of 2017. The exit from the content marketing business was completed to schedule by 31 December 2017 with an after-tax loss of AUD$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.
Late last year, it revealed plans to wind down its content marketing business, formerly known as King Content, by the end of 2017. Reported on ASX, this was due to its continued underperformance, following close monitoring and reviews by management of the content marketing business.
The company said it would focus back to its core operating business. According to the business and financial year 2017 trading update on the Australian Stock Exchange, Croll (pictured) said the management “will ensure a smooth and orderly transition for clients and employees” regarding the decision to exit the content marketing business.