Rubicon Project Names New CEO

Los Angeles-based online advertising exchange operator Rubicon Project announced Tuesday afternoon that it has named Michael Barrett as CEO, replacing founder and CEO Frank Addante. Addante remains with the company as Chairman of the company. Barrett was most recently CEO of Millennial Media, and also had served as Chief Revenue Officer at Yahoo!, in addition to serving as CEO of AdMeld; he also has served at AOL and Fox. The shift in leadership came as Rubicon Project reported a drop in Q4 revenues, with a loss of $21.2M on $72.7M in revenues for its fourth quarter, compared with revenues of $94.0M in the fourth quarter of 2015. For the year, Rubicon Project reported a loss of $18.1M on revenues of $278.2M for 2016; revenues were up 12% year-to-year, compared with $248.5M in revenues the company reported in 2015 for the year. Rubicon Project said Addante will focus on Rubicon Project's vision, strategy and thought leadership for the future. Addante has been CEO of Rubicon Project since it was founded in 2007.