Published on the 01/09/2015 | Written by Newsdesk
Mobile advertising company appoints Peter James as executive director and chair…
Company co-founder and current chair Derek Handley will step down as a director once the board agrees an effective transition has taken place, likely by the end of 2015.
Snakk has endured a difficult period through 2014 which has extended into this year time this year, with the NBR reporting recently that its auditors had highlighted concerns over viability. The appointment of James is likely to come as some reassurance as a pair of safe hands to take it forward in a market where competitors include the likes of Facebook, Google and Appnexus.
James’ experience includes over 20 years as a board member of a range of Australian public companies. He currently chairs ASX-listed Macquarie Telecom Group Ltd in addition to a variety of emerging digital media and technology businesses in Australia and the US. Since 2003 and until last week, James was a director of leading ASX-listed telecommunications company iiNet Ltd, recently acquired by TPG Telecom.
IN a statement, Snakk said James (pictured, with CEO Mark Ryan) has a solid track record of joining early-stage listed companies, steering them toward significantly increased revenues and value. He said: “The company is well positioned to capitalise on the enormous and largely untapped opportunity of mobile advertising, with a growing number of consumers spending more time on these screens.”
Current director Michelle Kong will retire from the board following the company’s annual meeting on 16 September. Kong joined the board prior to the company’s March 2013 listing.
Martin Riegel, who has a successful and diverse background working in technology and its commercialisation in the US and New Zealand, was appointed to the board in June.
As one of Snakk’s largest shareholders, Handley remains optimistic regarding the company’s potential. “Snakk is evolving steadily and the time is right to refresh the Board, adding directors who have been involved with growth-stage companies, and who also have diverse technology-focused skillsets,” he said. “As companies move from start-up to listing, to entering multiple new markets, it is important they add new talent across all areas of the company.”
