Tech pioneers sometimes get antsy after the company is built and that’s apparently what has led in part to Audioboom CEO Rob Proctor to announce his resignation, effectively immediately. Stuart Last, Audioboom’s Chief Operating Officer and its top executive in the U.S., has been appointed interim CEO as the company’s board begins searching for a permanent replacement.
Proctor had been with London-based Audioboom since Oct. 2012 and watched as the nascent podcasting business become mainstream. “Since I started with Audioboom it has become one of the most important global podcast platforms, hosting and monetizing some of the world’s best audio. The business is now entering a more mature phase and I believe that the time is now right for me to pursue more entrepreneurial opportunities,” he said in a statement.
Audioboom Chairman Michael Tobin credited Proctor for transitioning the company from a “pre-revenue start-up” to “one of the world’s top audio platforms” messaging to shareholders the split was amicable. “He leaves behind a company in the best shape it has ever been and at the forefront of the burgeoning podcast industry,” said Tobin. The Audioboom board has said it has already begun the search for a permanent replacement for Proctor. “I look forward to announcing a new CEO in due course who will continue to drive Audioboom’s strong growth and performance,” added Tobin.
Audioboom is podcasting’s only publicly-traded company and stock owners absorbed Monday’s news in stride. Audioboom is traded on the London Stock Exchange and its price slid 3% in Monday trading.
Revenue soared 171% at Audioboom during the first six months of the year with first half billings of $9.8 million, compared to $3.6 million during the same period a year ago. The company also announced in July it is burning through cash at a slower clip. It lost $1.4 million in the first six months of 2019, half as much as during 2018. While the U.K.-based company operates globally, the vast majority (88%) of its revenue still comes from the U.S. market.
Audioboom will release its third quarter revenue figures on Oct. 7. In a statement released Monday the company said its business “continues to perform well.”