Logiq Inc. (NEO:LGIQ.AQN, OTCQX:LGIQ) said it has appointed Christopher Andrews as its chief operating officer, succeeding John MacNeil who has been appointed SVP of mergers and acquisitions.
Also, as part of the company’s strategic transformation, which includes its previously announced plans to spin off its DataLogiq business to a Nasdaq-traded special purpose acquisition company (SPAC) and the announced acquisition of a privately-held operating company (PrivCo), MacNeil and other company directors, Lea Hickman, Josh Jacobs and Matthew Burlage, have stepped down from the board.
“We welcome Chris’ exceptional skills and experience in digital marketing, particularly as DataLogiq begins to hyper-verticalize its market focus and establish valuable leadership positions in these spaces,” said Logiq CEO, Brent Suen in a statement.
“Chris’ appointment has also enabled us to better focus John’s experience and strengths in M&A to ensure DataLogiq’s smooth transition in becoming its own Nasdaq-traded company He will also help DataLogiq leverage its Nasdaq status to aggressively pursue M&As in a target-rich environment of highly complementary acquisitions,” he added.
READ: Logiq expects DataLogiq business revenues for fourth quarter ending December 31, 2022, to exceed $7.5M
The company noted that Andrews brings to Logiq over 20 years of business leadership experience, proven talent for unlocking revenue opportunities, and helping private and public companies build world-class IT operations. His career has been dedicated to integrating technologies, people and data for driving profitable growth and long-term success.
As a former Ogilvy Health and WPP chief technology and information officer, he also brings to Logiq an extensive record of achievement, including creating $150 million-plus revenue streams through technology innovation, unique client solutions, targeted tech stacks and data management platforms.
As Logiq’s new COO, he will initially be responsible for leading the company’s DataLogiq operations and preparing them for the previously announced planned spinoff into a Nasdaq-traded SPAC. He and MacNeil are anticipated to transition with the DataLogiq business to the new entity, in which Logiq shareholders will continue to have a large stake.
Andrews commented: “I'm excited to join the amazing Logiq team at this critical stage in its growth and development. I see DataLogiq enjoying a unique opportunity to become a leader in performance marketing by enabling hyper-verticalization into compliance markets, such as for cannabis and CBD. I’m looking forward to helping it realize high returns from its extensive go-to-market investments.”
Andrews most recently served as chief digital officer and COO of MediaJel, where he transformed its operations into a scalable digital marketing solution for regulated industries.
He earlier founded and served as CEO of D&B Labs, where he helped early-stage high-tech start-ups advance their go-to-market investments. Prior to D&B Labs, he served as the chief digital officer of Kubient, a cloud-based software platform for digital advertising.
He previously served on the board of TenFour before it was acquired by Acuative. He holds a Bachelor of Science in mechanical engineering and a Master's in management from New Jersey Institute of Technology.
Board transitions
Following the board changes, Logiq’s board now consists of three board members, with one serving independently. The PrivCo is expected to nominate additional board members following the acquisition transaction, as well as make additional executive appointments.
“We are immensely grateful to Lea and Josh for their valuable contributions over the last two years and Matt for his over eight years of exceptional service to the board,” commented CEO Suen.
“Their dedication, guidance and support have been immensely helpful as we’ve navigated some very rough waters due to the global pandemic and worked to preserve and rebuild shareholder value through strategic transactions. We wish them the very best in their future endeavors," he added.
Over the course of last year, Logiq implemented a restructuring plan designed to position the company for growth, organically and through acquisition.
By late November of 2022, it began to see strong traction in the DataLogiq business with its annualized revenue run-rate approaching $40 million.
Logiq is a US-based provider of eCommerce and digital customer acquisition solutions by simplifying digital advertising. It provides data-driven, end-to-end marketing through its results solution or providing software to access data by activating campaigns across multiple channels.
Contact the author at jon.hopkins@proactiveinvestors.com