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RhythmOne appoints Mark Bonney as new chief executive
RhythmOne chief executive Ted Hastings has resigned from his post at the digital advertising firm in order to pursue "entrepreneurial opportunities".
The AIM-quoted firm revealed it had appointed American Mark Bonney, recently boss at MRV Communications as it was taken over by a larger competitor, to fill Hastings' seat in what it said would be a "coordinated transition".
Bonney has over 35 years experience as a senior executive officer and has held a variety of roles in both the US and internationally, as well as several directorships of public and private businesses.
Eric Singer, RhythmOne's chairman, said, "We appreciate Ted's service to the company and his leadership over the past year. As we focus on the integration efforts of the combined enterprise, we are excited about the new leadership and the direction we believe Mark will take RhythmOne."
In June last year, when Hastings was promoted to CEO, the board said it hoped to leverage his extensive M&A experience to accelerate its expansion, but just one acquisition was completed in his tenure, that of YuMe in Feburary.
"I look forward to working with the executive team to execute against the FY2019 plan and continue the hard work of integrating the prior acquisitions. I've met with several members of the board and executive team and am excited about the opportunities that lie ahead of us," Bonney added.
As of 0840 BST, RhythmOne shares had dropped 6.34% to 222.90p.