Mobile video advertising company, AdColony, last week axed some additional executive position in order to help scale the business. At least five roles within product management, growth and publishing were cut in the US, according to reports from Adexchanger.
Tim O’Neill, the company’s VP of performance was let go on Monday and his position eliminated. The move follows cuts to the company’s programmatic and advertising sales team in 2017.
The company denied that it was preparing for a sale, and instead, was focused on boosting profitability.
In addition, AdColony remains committed to its app install and mobile performance advertising business.
With profitability for 2018 projected to be based on EBITDA, the layoff round may be contributing.
“There have been a lot of changes at the leadership level,” explained Şekip Can Gökalp, AdColony Chief Operating Officer previously. “We want to grow the company, and fast, and the most recent changes are purely down to cost savings. We want to be a leaner organization that can act fast.”
A total of around 400 staff remain at AdColony. The company will not be hiring a new CEO.
“These changes are being made in the normal course of business for us in order to make the company more efficient and most customer-centric,” added Gökalp. “We are making some organizational changes to streamline the business and adapt to the market, which has changed significantly over the past year or two.”