Founder and CEO of out-of-home advertising company handing over the reigns but will assume non-executive position when new chief in place
Brendon Cook will step down as managing director and CEO, as well as from the board, of oOh!media during 2020.
Cook, founder of the out-of-home advertising business, will take up a non-executive consulting role to provide ongoing strategic advice after the successful transition to a new CEO. In the meantime, he will remain in his current positions until his replacement is found and the company has made clear he will work with the board in a transition period with the new CEO.
In a statement, oOh! chairman, Tony Faure, acknowledged Cook’s contribution to the success of the business he founded in 1989.
“Brendon had the foresight to recognise the growth potential of digital and has been a powerful advocate for the development of new outdoor environments to capitalise on the rapid growth in media consumption habits away from home. He also led the development of new ways to measure the true value of the out-of-home segment,” Faure said.
“He has successfully led oOh!’s diversification strategy to build a data-centric, scalable multi-format business across billboards, retail, office buildings, street furniture, rail, universities, cafes and airports, which leads the Australian and New Zealand markets.”
Cook noted the company’s integration with Adshel, which it acquired in 2018, is complete and felt it was the right time to make the transition.
“I look forward to continuing to be a supportive, long-term shareholder providing strategic advice to the company once transition to new leadership is complete,” he said in a statement.
The board has commenced a process with a global search firm to appoint a new managing director and CEO.
The company’s upgraded FY19 underlying EBITDA earnings guidance, issued last year, is expected to be towards the lower end of the $138 million to $143 million range, excluding integration costs and changes in accounting standards. oOh! will report its FY19 results at the end of February.
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