Reilly Quits Comscore Board as Shares Hit New Low
Comscore Board member Paul J. Reilly has resigned, citing a lack of confidence in its operating strategy and innovation. In the last few days, the company's share price has dropped further to record lows around the $US 1.50 mark.
Reilly said in a letter to the beleaguered company last Monday that he does not believe its 'go forward operating strategy, in general, is progressing fast enough and specifically in innovation and product development'.
Since a rally in January, the firm has lost around 90 percent of its market value. In early March 2016 shares traded at more than $40, but the price plunged initially after news that its audit committee was investigating accounting issues - suspension from the Nasdaq and a rocky road followed soon after, but by 2018 it seemed to some observers to be turning round its fortunes, with a new CEO Bryan Wiener appointed in the Spring. Then a year later the resignations of Wiener and President Sarah Hofstetter were the signal for a new decline, and COO Kathryn Bachmann and Chief Product Officer Dan Hess have also recently left.
Two weeks ago the company reported a 4.4% drop in second quarter revenues to $96.9m, a 10% cut to its workforce, and that it was now looking at 'strategic options' which could lead to the sale of all or part of the business.
Web site: www.comscore.com .