Tim Morse has been hired as CFO at Adap.tv, a video-advertising buyer for thousands of websites including Yahoo and Vevo. The company generated nearly $100 million in revenue in 2012, up nearly 200 percent over the previous year, showing a growing market for video adverting.
“We have super high growth, and Tim’s experience is exactly that—building corporate and financial structure for high-growth, multibillion-dollar businesses,” said Adap.tv CEO Amir Ashkenazi.
Morse spent 15 years at General Electric before working at semiconductor company Altera. He joined Yahoo in 2009, boosting profit margins and earnings though the company failed to increase revenue, and orchestrated to sell half of Yahoo’s stake in Alibaba Group back to that company.
Morse believes in the vision for Adap.tv and said he's looking forward to being involved in “the growth engine”. “It’s a massive market opportunity,” he said.
Advertisers spent $2.93 billion on online-video ads in the U.S. in 2012, up 46.5 percent from 2011, according to eMarketer. This year, the firm estimates that the figure is expected to rise to $4.14 billion.
Source: Wall Street Journal