- After 18 years in the position
- Praise and thanks for Galai
- Elimination of dual Chief Executive Officer role
- David Kostman becomes sole Chief Executive Officer
- Galai will remain as Chairman at Outbrain
- Galai said 112 words
(exechange) — New York, February 29, 2024 — Yaron Galai, co-chief executive of Outbrain, leaves his position — as “mutually determined.” As announced by Outbrain Inc. in a news release and in a regulatory filing published on Thursday, February 29, 2024, Yaron Galai leaves his post as co-chief executive officer at the web recommendation platform, after 18 years in the role as CEO, effective April 1, 2024.
Generally speaking, it raises questions when a co-CEO leaves his post at short notice.
Outbrain eliminates the dual Chief Executive Officer role. David Kostman will be sole Chief Executive Officer.
“The right time”
The management change is explained as follows. Galai stated: “After over 17 years as Outbrain’s CEO, with the last six years partnering closely with David, the Board and I have agreed that it’s the right time for me to step down from the co-CEO position.”
Galai will remain as Chairman at Outbrain
Outbrain stated: “Galai will remain the Chairman of the Board and will serve in an advisor role until year-end.”
“Step down”
Outbrain said: “The company’s co-Founder and co-CEO, Yaron Galai, who has shared management responsibility with Kostman since 2017, will step down from his role as co-CEO, effective April 1, 2024.”
Outbrain further said: “On February 28, 2024, the Company and Yaron Galai, Co-Chief Executive Officer (“CEO”), mutually determined that Mr. Galai will step down from his role as the Company’s Co-CEO as of April 1, 2024.”
“Not a result of any disagreement”
Outbrain stated, regarding the change: “Mr. Galai’s transition was not a result of any disagreement on any matter relating to the Company’s operations, policies or procedures.”
Share price decline since February 2022
The announcement follows a decline in Outbrain Inc.’s share price of 71% since February 2022.
In the position of CEO since 2006
Yaron Galai became CEO of the Company in 2006.
Yaron Galai co-founded Outbrain Inc. in 2006 and has served as the Company’s Chief Executive Officer since inception in 2006 and then as Co-Chief Executive Officer since 2017.
Galai was the co-founder of Quigo Technologies, Inc., a provider of performance based marketing solutions for advertisers and premium publishers, and served as its Chief Executive Officer from 2000 to 2003 and as its Senior Vice President from 2003 until it was acquired by AOL Time Warner in December 2007.
Since February 2020, Galai has served as executive chairman of Listory Corp. and previously served on the board of HopStop.com, Inc., until its acquisition by Apple Inc.
Galai studied industrial design at the Holon Institute of Technology in Holon, Israel.
Galai is a Lieutenant Commander Officer (reserve) in the Israeli Navy.
112 words by Yaron Galai
In the release announcing his departure as CEO of Outbrain Inc., Yaron Galai received praise and thanks.
In announcing his departure, Yaron Galai said 112 words.
“Incredible team”
Yaron Galai stated: “After over 17 years as Outbrain’s CEO, with the last six years partnering closely with David, the Board and I have agreed that it’s the right time for me to step down from the co-CEO position. I am very proud of the accomplishments of the Outbrain team, and am excited about the company’s strategic direction, including the growth of new offerings such as Onyx and Keystone. I am highly confident in the incredible team we have in place under the leadership of David and the rest of the management team. I look forward to staying on as Chairman of the Board, and as advisor to the company until the end of 2024.”
The above text is an excerpt from the exechange report 10.2024 ($), publication date March 4, 2024.