comScore has moved co-founder Gian Fulgoni into the role of Chief Executive Officer, following an internal accounting investigation which is now in its sixth month. He replaces Serge Matta, who will now serve as Executive Vice Chairman and Advisor to the CEO.
Shares in the company plunged 35% to $26.52 in March, after it disclosed that its Audit Committee had not finalized an ongoing review of 'certain potential accounting matters'. Then in June, shares fell more than 30% to $21.74, after the company missed its deadline for issuing an update on the investigation. In a regulatory filing earlier, comScore said that its investigation is 'substantially complete', and that its audit committee has identified 'certain areas of potential concern'. Last month, The Wall Street Journal suggested that these areas of concern may relate to multi-million-dollar stock grants given to senior comScore execs last year, based on the firm's share price, which in turn, was based in part on the firm's practice of reporting 'non monetary' revenue resulting from data-sharing agreements with other companies.
Fulgoni (pictured) takes over the reins, having set up the business in 1999 with Magid Abraham, who resigned as Executive Chairman of the Board last month. Fulgoni has been comScore Chairman Emeritus since 2014, and previously served as the company's Executive Chairman of the Board. Earlier in his career, he spent nearly eighteen years at Information Resources Inc. (IRI), where he latterly served as President and CEO.
In his new role, Fulgoni takes over from Matta who replaced Abraham as CEO in 2014, after joining the firm in 2000 as an Analyst. In addition, Bill Livek, Executive Vice Chairman and President, who previously served as the CEO of Rentrak, will assume day-to-day responsibility for the expansion of comScore's TV, cross-platform and movies measurement businesses; while Rentrak's former COO/CFO David Chemerow has been named Chief Financial Officer, replacing Melvin Wesley who is leaving the company following a 'transition period'. The Board of Directors has also elected Procter & Gamble research veteran Joan Lewis as Non-Executive Chair.
Web site: www.comscore.com .