Criteo CEO Megan Clarken to retire, succession plan announced

Criteo, a prominent player in the commerce media industry, today announced that its Chief Executive Officer, Megan Clarken, has informed the Board of Directors of her intention to retire within the next 12 months. The announcement outlines a succession plan to ensure a smooth transition of leadership for the NASDAQ-listed company.

Honor of a lifetime

The announcement was accompanied today by a personal statement on a LinkedIn post, Clarken described the decision to retire as "incredibly tough," emphasizing that serving as Criteo's CEO has been an "honor of a lifetime." She expressed confidence in the company's future, stating that her successor will inherit a "strong and vibrant company with the biggest, brightest future ahead."

Reflecting on her time at Criteo, Clarken highlighted the transformation of the company into a "Commerce and Retail Media powerhouse." She praised the relentless dedication and creative spirit of the Criteo team, which she cited as the most valuable aspect of her role as CEO. Under her leadership, Criteo has evolved from its initial focus on retargeting to become a comprehensive AdTech solution provider, expanding into the rapidly growing sector of retail media.

Clarken's tenure saw Criteo navigating significant industry challenges, including increased privacy regulations, the phasing out of third-party cookies, and shifts in consumer behavior accelerated by the global pandemic. Despite these obstacles, the company has positioned itself as a leader in commerce media, adapting to changes and maintaining its relevance in the AdTech industry.

The outgoing CEO emphasized Criteo's commitment to diversity, equity, and inclusion at every level of the organization, as well as its passion for sustainability. These efforts reflect the company's broader corporate social responsibility initiatives, which have become increasingly important in the tech industry.

Looking ahead to her post-Criteo life, Clarken expressed her intention to spend time with family in both the United States and New Zealand. She plans to seek opportunities to give back, teach, listen, write, and help others realize their dreams. This personal note provides insight into Clarken's values and her perspective on balancing professional success with personal fulfillment.

Clarken to serve as CEO until her successor is appointed

According to the press release, Clarken will continue to serve as CEO until her successor is appointed. Upon the naming of a new chief executive, she will step down from her position on the Board of Directors. In a move to facilitate a seamless transition, Clarken has agreed to remain with Criteo in a senior advisory role, providing her expertise and guidance until the necessary transition is complete.

The Board of Directors has already set the wheels in motion for finding Clarken's replacement. They have initiated a comprehensive search process and engaged the services of Heidrick & Struggles, a renowned executive search firm. This engagement aims to assist in the identification and evaluation of potential candidates for the CEO position, considering both internal and external prospects.

Rachel Picard, Chair of Criteo's Board of Directors, expressed deep gratitude for Clarken's contributions over the past five years. Picard highlighted Clarken's instrumental role in Criteo's growth and her leadership in successfully transforming the company into an end-to-end AdTech platform, particularly in the realms of Retail and Commerce Media. The Board Chair emphasized that under Clarken's guidance, Criteo has positioned itself to continue capturing market share and capitalize on emerging trends in the AdTech market.

Criteo, founded in 2005, has established itself as a global commerce media company. Its primary function is to enable marketers and media owners to achieve better commerce outcomes. The company's Commerce Media Platform serves as a bridge, connecting thousands of marketers and media owners to deliver enhanced consumer experiences from the product discovery phase through to purchase.

During her tenure, Clarken has overseen significant developments in Criteo's business model and market positioning. The company has evolved from its initial focus on retargeting to become a more comprehensive AdTech solution provider. This transformation has included expanding into retail media, a rapidly growing sector in digital advertising that focuses on sponsored product listings and ads on e-commerce websites.

Clarken, reflecting on her time at Criteo, expressed pride in the accomplishments achieved during her tenure as CEO. She acknowledged the honor of working with the Criteo leadership team and the company's talented workforce. Clarken highlighted their collective efforts in navigating complex industry challenges and building differentiated capabilities that have transformed Criteo into a formidable force in Commerce and Retail Media.

The AdTech industry, in which Criteo operates, has faced numerous challenges and changes over recent years. These include increased privacy regulations, the phasing out of third-party cookies, and shifts in consumer behavior, particularly accelerated by the global pandemic. Criteo's ability to adapt to these changes and position itself as a leader in commerce media has been crucial to its continued relevance and growth.

As the search for a new CEO commences, the Board of Directors has expressed confidence in the company's current strategy and senior leadership team. They have emphasized their commitment to appointing a new CEO who will continue to drive forward Criteo's ambitious vision. This approach suggests a desire for continuity in the company's strategic direction, even as it prepares for a change in top leadership.

The timing of Clarken's retirement announcement, with a 12-month window, allows for a thorough and considered succession process. This extended timeline provides the opportunity for a comprehensive search and a well-planned transition, which can be crucial for maintaining stability and investor confidence during leadership changes.

Criteo's stock performance and financial metrics will likely be closely watched by investors and industry analysts in the coming months, as the market assesses the impact of this leadership transition on the company's future prospects.

Megan Clarken's Journey at Criteo

• Joined Criteo: Megan Clarken joined Criteo as the Chief Executive Officer in November 2019.
• Previous Experience: Before joining Criteo, she held various senior leadership positions at Nielsen, including Chief Commercial Officer of Nielsen Global Media.
• Transforming Criteo: Since taking the helm, Clarken has overseen Criteo's transformation into a comprehensive end-to-end AdTech platform.
• Acquisitions and Expansion: Under her leadership, Criteo has expanded its capabilities through acquisitions such as Mabaya, Iponweb, and Brandcrush, becoming a leading player in Retail Media, Commerce Media, and omnichannel advertising.
• Strategic Focus: Clarken has been instrumental in shifting Criteo's focus towards connecting advertisers with retailers and publishers to drive commerce everywhere.
• Continued Growth: Criteo has experienced growth and success under Clarken's guidance, solidifying its position in the advertising technology industry.

Key facts from the announcement

Megan Clarken, Criteo's CEO, plans to retire within the next 12 months.

Clarken will continue as CEO until a successor is named.

She will step down from the Board of Directors when the new CEO is appointed.

Clarken will remain in a senior advisory role to ensure a smooth transition.

The Board has initiated a search process for a new CEO.

Heidrick & Struggles has been engaged to assist in the search.

Both internal and external candidates will be considered for the CEO position.

The announcement was made on August 26, 2024.

Criteo is a commerce media company listed on NASDAQ under the ticker CRTO.

The company's Commerce Media Platform connects marketers and media owners.

Criteo's focus is on enabling better commerce outcomes through advertising technology.