Criteo seeks new chief executive after Megan Clarken announces pending exit

This development comes at a critical time for the company as it seeks to complete its transition from its earliest days as an ad retargeting outfit to a “commerce media” player, a move necessitated by growing privacy requirements.

Clarken will continue to serve as CEO until her successor is named — these developments are expected to take place within the next 12 months. Clarken is also set to remain with Criteo in a senior advisor role, providing services until any necessary transition is complete.

Criteo has initiated a search and engaged Heidrick & Struggles to find a successor, with Rachel Picard, chair of the company’s board of directors, noting how Clarken has made “critical contributions to Criteo over the past five years,” according to a press release.

Five years of M&A, plus research investment

Clarken took over as CEO of Criteo in November 2019, when the publicly listed ad tech company was experiencing some testing times as leading internet platforms such as Apple and Google began withdrawing support for technologies such as third-party cookies in their browsers.

These moves were necessitated by growing government privacy demands, with authorities introducing laws such as the EU’s General Data Protection Regulations and the California Consumer Protection Act.

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As a result of this (as well as its decreasing share price), Criteo shifted its focus from ad retargeting to a broader range of advertising technologies and solutions, the defining feature of Clarken’s time in office. Speaking with Digiday at the time, Clarken noted her ambition for Criteo to be “the [independent] ad tech company for the open internet.”

Since then, Criteo has made several significant acquisitions to strengthen its retail media play. The most notable acquisition during this period was IPONWEB, a leading ad tech company Criteo purchased in December 2021 for approximately $380 million. This acquisition, completed in a mix of cash and Criteo treasury shares, was a strategic move to enhance Criteo’s media trading capabilities and better position itself in the post-third-party cookie advertising landscape.

Additionally, in 2022, Criteo expanded its capabilities by acquiring the London-based retail media platform Mabaya (specific financial terms of the deal were not disclosed), followed by the 2023 purchase of BrandCrush.

More recently, separate sources told Digiday that Criteo was in discussions to further its footprint in the retail media space by holding M&A discussions with Skai, an outfit formerly known as Kenshoo, with some suggesting a potential price tag north of $500 million.

Furthermore, Clarken’s tenure was also marked by significant investment in Privacy Sandbox research as Google kept the open internet kept the ‘open internet’ on edge with its decision on whether or not it would depreciate third-party cookies in its web browser Chrome — a critical decision that’s also been thrown into question recently.

An exit of its own?

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Although M&A speculation has not been all in one direction during Clarken’s tenure, some suggest it would look to sell to a third party as consolidation in the independent ad tech space continues.

However, the mood music from Criteo’s official comms team doesn’t suggest such speculation, and the announcement of Clarken’s pending departure are related. “Together, we have navigated complex industry challenges and built differentiated capabilities that have transformed the company,” she noted in an official statement.

“Working closely with the board, I look forward to continuing to lead Criteo with my full focus, while ensuring that the succession is seamless.”