XLMedia Outlines Further Redundancies Affect the Company’s CEO

A new update submitted by XLMedia, a digital performance marketing firm, outlines its restructuring of the Board of Directors which will also see the position of chief executive officer made redundant.

Board Members and CEO to Go in the Summer of 2025

The changes outlined for the Board will come into effect in the second quarter of 2025 as all affiliate operations are expected to cease operation following the sale of materially all the assets of the Group.

XLMedia will further suspend the trading of its share from AIM on May 13, which will coincide with the half-year anniversary of the sale of its North American assets, which were bought by Sportradar for $30 million last month.

XLMedia’s disassembly has been long in the making. Before offloading its North American assets to Sportradar, XLMedia made a similar move, selling several of its operations in Canada and Europe to Gambling.com Group, a rival company.

In the meantime, David King, the Group’s CEO will be made redundant on June 30, 2025, when he will leave the business. The company will also see independent non-exec chair Marcus Rich, senior independent director Julie Markey, as well as Ory Weith all step down and leave the business as well.

XLMedia’s company secretary and general counsel, Peter McCall will be joining the Board in January 2025 and work on a reduced-time basis. Rich commented on these pending changes:

“The Board wishes to ensure the Group’s operations are brought to an orderly close. As such, the directors will stay on to work their notice periods to maximize the cash return to shareholders, and in due course to oversee the start of the process to efficiently wind down the group.”

XLMedia Plans on Ensuring Shareholder Value Is Preserved

XLMedia is also planning a £16 million ($20.2 million) tender offer for early January 2025, as reaffirmed in the latest update to the Board. The idea is to ensure that it can provide shareholders back with the value of their stake in the company and wind down the business in a reputable way.

The board will remain firmly focused on managing the wind-down and ensure that it does not accrue additional costs. The ultimate goal is to muster enough value for shareholders while winding down the business in the most painless way possible.