|By Marketwired .||
|May 20, 2014 02:31 PM EDT||
NEW YORK, NY -- (Marketwired) -- 05/20/14 -- Undertone, a leader in creating digital advertising solutions for brands, has announced the promotion of Chief Operating Officer Corey Ferengul to Chief Executive Officer. The company's founder and current Chief Executive Officer Michael Cassidy will be transitioning to the role of Chairman of the Board of Directors. The changes will be effective June 1, 2014.
Under Cassidy's leadership, Undertone has grown from a startup in 2001 to a leader in cross-screen digital advertising. The company employs more than 300 people across the U.S. and Europe and works with the world's largest brands, agencies and media owners. 2013 was a year of significant growth for Undertone. The company added nearly 100 new employees, moved into new headquarters in New York City, and had record revenue and profit. Over the year, the company continued to push the boundaries of innovation with launches including ScreenShift®, a new high impact ad format built using responsive design, and Future Proof Labs, research facilities exploring emerging technology and its impact on the future of advertising.
"After 13 years at the operational helm of Undertone, and with a sustained trend of growth and innovation, the time is right for me to move into a new role as Chairman of the Board," said Cassidy. "Undertone is entering an exciting new era, one in which we are fusing our cross-screen creative solutions with an expanded technical infrastructure, and Corey is the right executive to lead the organization to new heights. He brings all the necessary blend of skills in his experience from growing organizations. I'm excited to work with him and the rest of the executive team in my new role."
Ferengul joined Undertone in 2013 as Chief Operating Officer. He has more than ten years of executive experience with a strength in growth companies. Prior to Undertone, he held the position of Executive Vice President, Product Management and Strategy at Rovi Corporation, a publicly traded digital media entertainment company. While at Rovi he was a key member on an executive team that more than tripled revenue and market cap over a 6 year period. Prior to Rovi, Ferengul held executive and management roles at Unitech Systems, META Group and Platinum Technology. He currently sits on the board of George R. and Martha Means Center for Entrepreneurial Studies and is a graduate of Illinois State University.
"This is a fantastic opportunity and I'm grateful for the confidence of Michael and the Board in my ability to lead the company through its next phase of growth," said Ferengul. "I joined Undertone because of its differentiation, strong customer relationships and a track record market-outpacing growth. I'm excited by the fast moving dynamics of the digital advertising market and I look forward to propelling Undertone forward."
Undertone is a digital advertising company that sits at the intersection of media, creative and technology. We develop immersive high impact, video and display ad units that enable brands to engage consumers beyond the confines of traditional banner ads. Through our technology platforms, we deliver these ads across screens and devices on a handpicked portfolio of publisher partners. Find out more at www.undertone.com.