Following a successful Q2 earnings call earlier this month that saw the company raise its guidance, Criteo has announced CEO Megan Clarken will retire within the next 12 months. Clarken will continue in her role until a successor is appointed, which means she could potentially leave earlier in that timeline depending on the company’s search for a replacement. She’ll also support the company as a key advisor to ensure a smooth transition to the next CEO.
In the press release announcing the move, Rachel Picard, Chair of Criteo’s Board of Directors, praised Clarken’s impact on the company: “On behalf of the entire Board, I want to extend our deepest gratitude to Megan for her strong leadership, deep passion, and critical contributions to Criteo over the past five year. She has been instrumental in Criteo’s growth and has led the successful transformation of the Company to become the end-to-end AdTech platform of choice in Retail and Commerce Media. The Board remains fully confident in the Company’s strategy as well as its senior leadership team, and through our ongoing succession planning, we are committed to appointing a new CEO who will continue to drive our ambitious vision forward.”
Why This Matters:
Clarken’s departure comes as a bit of a surprise given her success. She joined Criteo from Nielsen in 2019 and effectively guided the company through a challenging period as it transitioned from a legacy retargeting business threatened by cookie deprecation towards retail media. One of her key moves to support that evolution was the acquisition of IPONWEB in 2022, which almost didn’t happen due to Russia’s invasion of Ukraine.
Her efforts paid off. Criteo’s retail and commerce media business grew 24% year over year, according to the company’s latest earnings report. Emarketer predicts retail media will account for almost a quarter of all ad spend in in the US by 2028. Clarken has helped Criteo capitalize on that broader trend. That’s also reflected in Criteo’s stock price, which has grown by over 100% this year, reaching a record high of just under $50 per share as of yesterday.
Clarken shared her thoughts on retiring via LinkedIn:
“Today I’m writing one of those posts that feels strange. Because today I announced my plan to retire from my role as CEO of Criteo within the next 12 months.
This is one of those incredibly tough decisions. Serving as Criteo’s CEO has been an honor of a lifetime, and I’ll forever cherish this experience. I’m proud to say that our next CEO will inherit a strong and vibrant company with the biggest, brightest future ahead.
As I look back, the relentless dedication and creative spirit of the entire Criteo team is what I’ve most valued as CEO. Together, we’ve turned Criteo into a Commerce and Retail Media powerhouse and cemented our position as a true global leader in the AdTech space. We’ve built a stronger company, well positioned for future growth, committed to upholding diversity, equity and inclusion at every level and passionate about our commitment to sustainability. I could not be prouder.
Looking ahead, it’s important to me to pass the baton onto the next talented sprinter who can seamlessly continue the race. For me, I look forward to spending time with my family, both in the US and in New Zealand, seeking out opportunities to give back, to teach, to listen, to write, to help others to realize their dreams. As I wrote to all of my remarkable colleagues about my decision, our greatest achievements are not just in our professional successes but in our complete life accomplishments, our attention to well-being, to our relationships and to our purpose.
For now, l continue to lead the company as CEO — so it’s not goodbye quite yet. But when that time comes — and after we’ve transitioned to my successor — I’ll dearly miss the friendship and support I’ve received over the years from those who I’ve had the pleasure to work with, and from the Industry that I’ve served for nearly 30 years.”
Experts React:
Regarding Clarken’s departure, Terry Kawaja shared on LinkedIn that she had “pulled off an incredible pivot with both organic and inorganic (fancy word for M&A) initiatives that have substantially improved the company’s prospects,” and noted that “this is very hard to do, especially as a public company.”
Diarmuid Gill, CTO of Criteo, posted that “Criteo is undoubtedly a much stronger company thanks to” Clarken’s leadership.
A few weeks ago, following the earnings report, Karsten Weide of W Research commented on the company, saying, “Criteo is well-positioned to capitalize on its strengths and navigate the complexities of the current market landscape. The company’s steady revenue growth, strategic focus on Retail Media, and significant cash reserves for acquisitions underscore its resilience and potential for success.”
Our Take:
As she exits, other players focused on retail and commerce media, such as The Trade Desk, Yahoo, and Perion, are also well-positioned as the market continues to grow. As Criteo has proven, this is a massive opportunity for everyone: vendors, media/inventory owners, and brands/advertisers. The evolution of retail media to commerce media will also accelerate the sector’s growth.
