Elgie Takes Chairman's Role at Ad Tech Company

Creston founder and former CEO Don Elgie has been appointed as Executive Chairman of digital ad platform provider Crossrider, replacing co-founder and CEO Koby Menachemi, who is leaving next month 'to pursue other opportunities'.

The company, whose platforms use big data to help monetise web and mobile media, also issued a year-end trading update reporting Q4 trading 'in line with market expectations', with adjusted EBITDA for the full year to be in the region of c.$US10m, reflecting a strategy to target increased margins rather than low margin revenue growth. Revenue is expected to be c. US$85m, with cash of c.US$71m on the balance sheet at the period end. The Board said it expects FY2016 revenue and earnings to be ahead of FY2015 but by a 'modest' amount.

Elgie (pictured) founded Creston in 2001 and grew it to a turnover of around £75m. He retired in March 2014, to 'pursue a career of non-executive roles'. In a statement today He said: 'The Board would like to take this opportunity to thank Koby for his contribution to Crossrider since the founding of the Company nearly five years ago and we look forward to selecting a new CEO to lead Crossrider. We continue to pursue our stated strategy of evaluating and pursuing M&A opportunities to best leverage the Group's technology and expertise'.

Web site: www.crossrider.com .