Taptica International Ltd (LON:TAP) has appointed Rivi Bloch as interim chief executive after accepting the resignation of Hagai Tal.
Tal proffered his resignation as CEO after being deemed liable in a fraud case relating to the sale of another business Plimus in 2011. Taptica said the court ruling bore no direct impact on it from a structural, financial or operational point of view.
READ: Taptica rocked as chief executive hands in notice after legal action reverse
Tal will remain with the Taptica for as long as possible to ensure minimal disruption to the business, it added.
Bloch is the CEO of the performance advertising business and has been with the company since 2013.
She will hold the CEO role until a permanent successor to Tal is identified.
Tim Weller, Taptica’s chairman, said the strength and depth within its senior management team meant 'it is not short of viable candidates to take the business forward'.
Lorne Daniel, an analyst at house broker finncap added that Bloch is an extremely capable executive with many years of experience at Taptica,
“We have every confidence she will prove a safe pair of hands to take the group forward and look forward to an update in the new year.
“In the meantime, we have sought greater clarity on the sharp fall in revenue and rise in margin guidance from the company yesterday.
“We understand that there has been a rapid change in the underlying ecosystem for the business, particularly the Performance Marketing division (the old Taptica business) to which these changes mainly pertain.”
In an update yesterday, Taptica said trading has been going well since the interims in September, though revenues will be lower than forecast due to the culling of some lower margin sales.
Underlying profits [EBITDA] have grown in line with market expectations with margins ahead of forecasts, said the statement