comScore co-founder Gian Fulgoni, who returned to the media measurement company as CEO to help it cope with accounting issues, will retire on Jan. 31, 2018.
The board of comScore has formed a committee to direct a search for a new CEO. The committee will be led by new chair Sue Riley and will retain an executive search firm to evaluate internal and external candidates.
Over the past month, comScore has added four new directors as part of the settlement of a lawsuit brought by Starboard Value LP.
Fulgoni, 69, replaced Serge Matta in August 2016 after accounting issues arose that led to the company having to reaudit its financial statements. The re-audit has cost comScore millions of dollars and distracted management at a time when comScore was getting ready to challenge market leader Nielsen in the media measurement business.
"I would like to thank Gian for his many significant contributions since co-founding comScore in 1999," Riley said. "comScore has become an industry leader and a trusted partner, and Gian's leadership has been instrumental in making the Company what it is today. comScore has enormous potential for future growth and I look forward to continuing to work with Gian to ensure a smooth transition as we look to identify a CEO who will take the company to the next level. The Board is determined to identify a strong successor who will be able to deliver additional value to our customers, shareholders and employees."
Fulgoni will take on a chairman emeritus role and provide advisory services through Jan. 31, 2019, to ensure a smooth leadership transition, the company said.
"When I accepted the CEO role in August 2016, it was with the knowledge that in the near term I had to address the immediate challenges comScore faced, but that at some future point we would need to recruit the company's next-generation CEO,” said Fulgoni. “With much accomplished, a strong management team and board in place, and the company focused on its business expansion, now is the time to begin the new CEO search. It's been my privilege to have led comScore as CEO through the challenges we have faced over the past 15 months and I want to thank our employees for their focus and hard work. The board has asked if I would resume my prior role as Chairman Emeritus upon my retirement and I've told them that I'd be delighted to do that.”