Media-measurement firm comScore, in the midst of an internal accounting review that has delayed its financial reporting, announced that co-founder Gian Fulgoni will assume the role of CEO and that CFO Mel Wesley is exiting the company.
With Fulgoni’s appointment, previous CEO Serge Matta will become executive vice chairman and adviser to the chief executive officer. David Chemerow, a former Rentrak exec who was chief revenue officer since comScore’s acquisition of Rentrak in January 2016, is taking over as CFO.
The company also announced that Joan Lewis, a former Procter & Gamble exec, has been elected chair of the comScore board of directors. That comes after comScore co-founder Magid Abraham last month resigned as executive chairman of comScore; he will remain on the board through the remainder of his term, which expires in 2018.
In addition, comScore said Bill Livek, executive vice chairman and president and former CEO of Rentrak, will assume strategic and day-to-day responsibility for the expansion of comScore’s TV, cross-platform and movie-measurement businesses.
The moves come after comScore in March said it was delaying its annual 10-K filing after the board’s audit committee “received a message regarding certain potential accounting matters.” The company engaged King & Spalding as independent counsel to the audit committee and AlixPartners as forensic accountants in the investigation.
Fulgoni, in a prepared statement, said: “As comScore moves forward in pursuit of compelling TV and cross-platform measurement opportunities along with the other attractive digital measurement markets that exist globally, I am confident in the foundation we have built with our talented employees, world-class technology and data assets, and industry-leading solutions. We will lean into the future with the bias for action, passion and spirit of innovation that have always been the hallmarks of comScore.”
In an SEC filing Wednesday, comScore said its internal accounting investigation is “substantially complete, and the Audit Committee has identified certain areas of potential concern, including with respect to certain accounting and disclosure practices and controls that the Company, with input from its consultants and counsel, is further analyzing.” The company said the accounting transactions at issue mainly relate to certain non-monetary transactions.
ComScore completed the $768 million acquisition of Rentrak, a bid by the two former rivals to take on Nielsen in delivering cross-platform media metrics that span TV, digital and mobile.