Criteo Appoints New Director & Plans Record Stock Repurchase

Criteo S.A. (NASDAQ: CRTO) has announced the nomination of Ernst Teunissen as a new independent director to stand for election at the company's 2024 Annual General Meeting of Shareholders. This nomination follows the decision of James Warner, Vice Chairman of Criteo's board of directors, not to stand for re-election at the upcoming AGM.

Criteo has also disclosed its business update, with the company's CEO, Megan Clarken, highlighting the significant momentum achieved in recent years. Criteo crossed $1 billion in contribution ex-TAC for the first time and achieved an adjusted EBITDA margin of 30% in 2023. Over the past six years, the company has returned nearly $550 million of capital to shareholders, and it intends to accelerate capital returns by repurchasing a record $150 million of stock in 2024.

The company also plans to provide an investor update on its retail media business in fall 2024 to discuss the progress made in this important part of its operations and the opportunities to drive profitable growth and enhance its position as a leading retail media adtech provider.

Till Hufnagel, a partner at Petrus Advisers, a Criteo shareholder, expressed enthusiasm about the company's business momentum and shareholder value creation potential. He also voiced support for Ernst Teunissen's nomination and Criteo's decision to accelerate capital return and provide an investor update on its retail media strategy.

Ernst Teunissen brings a wealth of experience to Criteo, with over 30 years in consumer internet, online marketplaces, advertising, global capital markets, M&A, and strategy. His most recent roles include serving as the Chief Financial Officer of TripAdvisor and as Chief Executive of Viator, TheFork, and Cruise Critic, business units of TripAdvisor.

The 2024 Annual General Meeting is scheduled for June 25, 2024, where, in addition to Ernst Teunissen, other directors including Megan Clarken, Marie Lalleman, and Edmond Mesrobian will be standing for re-election.

The market has reacted to these announcements by moving the company's shares -1.5% to a price of $33.65. Check out the company's full 8-K submission here.

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