Bidstack Shares Edge Lower as Managing Director Petruzzelli Steps Down

Bidstack (LON: BIDS) shares dipped Thursday after the company announced Francesco Petruzzelli has informed them of his decision to resign from his position as Managing Director and from the board.

Bidstack's share price is down 3.45% at the time of writing, adding to its year-to-date losses of over 40%.

The in-game brand activation platform said Petruzzelli will continue to be involved with Bidstack as a strategic adviser to the executive team.

“Francesco and I have been on this journey for many years, building Bidstack initially from a concept that turned into one of the first Digital Out of Home (DOOH) programmatic platforms, to our pivot in 2017 when the company began the rebirth of in-game advertising. Where the company sits today is testament to some truly world class individual contributions of his, and the exceptional team we've formed together here at Bidstack,” said James Draper, CEO of Bidstack.

Replacing Petruzzelli on the board will be Doug Lowther, who will join the board as a non-executive director, and Camila Franklin, who is currently Chief Operating Officer, as an executive director.

Lowther is currently CEO of Irdeto B.V., He was previously the President and CEO of International Datacasting, and before that, he served in various senior and executive roles within Irdeto based in Beijing and Amsterdam.

Meanwhile, Franklin has more than 20 years of gaming and ad-tech experience, leading product, engineering, operations, and client-facing teams. Before joining Bidstack, Camila served in many executive roles, including as COO at AdColony between 2015 and 2022, while also previously holding senior positions within the US at Navio Systems, Tira Wireless, Antenna Software, Device Anywhere, and Moovweb.

“Following the strategic investment from Irdeto, I am pleased to welcome Doug to the board. Irdeto has deep relationships with global publishers and is a market leader in digital platform cybersecurity. The board will value Doug's expertise in our industry. In addition, I'm personally looking forward to the mentorship of an experienced and successful CEO,” added Draper.

“Camila will step up to the main board. Her professionalism and operational talents have made an immediate impact to the business, as we focus on delivering revenues through our media and technology offerings, at scale, globally.”