Advertising tech company Adslot (ASX: ADS) has confirmed the resignation of its Chief Executive Officer, Ben Dixon, effective immediately after serving in the role since February 2018.
Ben Loiterton, who has been assisting the Company in a strategic review and restructuring process, will assume the role of interim CEO.
Adslot’s Executive Chairman, Andrew Dyer, praised Dixon’s leadership during his tenure, which spanned a period of significant evolution within the company and the broader global media landscape.
“Ben led Adslot through several very significant challenges since his appointment. He has overseen the product market fit of Adslot Media and has been instrumental in shaping the business for the future. The Board thanks Mr Dixon for his significant contributions and wishes him well in his future endeavours,” Dyer said.
Dixon leaves behind a legacy of positioning Adslot as a trailblazer in the dynamic and rapidly changing global media industry. Under his leadership, Adslot navigated several industry challenges and pivoted toward scaling its commercial offerings, particularly its flagship product, Adslot Media.
Adslot, specialising in programmatic advertising technology, offers a platform that simplifies and automates the buying and selling of digital advertising inventory. Its primary product, Adslot Media, facilitates direct transactions between advertisers and publishers, aiming to improve transparency, efficiency, and control in the digital media buying process. By streamlining the traditionally complex process of securing digital ad space, Adslot has positioned itself as a pioneer in a sector where transparency and efficiency are highly sought after.
Dixon expressed confidence in the company’s future direction.
“Adslot is a pioneer in a radically reshaping global media industry. It has been challenging to lead the business through this, but it is clearly now better positioned for the future. We have tremendous products, which our next leader can leverage as the business now looks to scale.”
Stepping into the interim CEO role is Ben Loiterton, who brings substantial experience in guiding small-cap ASX-listed companies through financial turnarounds, restructures, and growth initiatives. Loiterton has been advising Adslot on its strategic review and is familiar with the company’s current trajectory and potential for future growth. His hands-on experience with recapitalisation and commercial growth plans is expected to bolster Adslot’s next phase.
Loiterton’s contractor agreement commences immediately. Under the terms, Loiterton will work a minimum of 70% of full-time executive hours while balancing his other business activities. His contractor fee is set at $200,000 per annum, plus GST, paid monthly on invoice. He will also have the opportunity to earn discretionary quarterly bonuses and an equity incentive, depending on the Company’s performance.
Reflecting on his new role, Loiterton said, “Over the past 3 months, I have had a chance to understand the global digital media market and have seen firsthand the profound transformation it is experiencing. I have also had the opportunity to understand Adslot’s offering and to talk to publishers and advertisers alike. Adslot’s platforms are unique and have a significant place in the shifting landscape. I look forward to building the business’s commercial bench strength and helping the teams realise the opportunities before us.”
The departure of Dixon comes with a detailed separation package, including payments for long service leave and accrued annual leave. Dixon will receive a total of $187,095 gross as part of his exit, including $92,307.11 in lieu of notice. As per his last ASX filing, Dixon controlled 103.2 million ADS shares.
Emily Maxwell is a business writer at The Sentiment with interest in the tech, fintech and retail industries.
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