What happened

Shares of Criteo (CRTO -0.22%) have fallen today, down by 5% as of 2 p.m. EDT, after the company announced a shake-up of its board of directors. Criteo co-founder and former CEO Jean-Baptiste Rudelle stepped down last week.

So what

Criteo has seen numerous changes in recent years. Rudelle had returned to the CEO role back in 2018 before stepping aside again in October 2019 after the advertising tech company named Megan Clarken as its new CEO. The co-founder then resigned as chairman of the board about a month ago and is now leaving the board altogether. Clarken will also be joining the board.

Falling stock chart superimposed over columns of red numbers on a black background

Image source: Getty Images.

"JB co-founded Criteo fifteen years ago and the entire board is immensely grateful for his tireless engagement and dedication to the Company, as well as the positive impact he's had on Criteo and the industry overall," Chairwoman of the Board Rachel Picard said in a statement. "I am also very pleased to welcome Megan as a member of the Criteo Board of Directors."

Now what

Following the changes, Criteo's board consists of seven directors, including six independent directors. As CEO, Clarken is the only director that is not considered independent.

Looking ahead, guidance for the third quarter calls for revenue excluding traffic acquisition costs (ex-TAC) of $171 million to $173 million, with adjusted EBITDA of $31 million to $33 million. The COVID-19 pandemic continues to weigh on the business as advertisers have reduced budgets due to uncertainty around consumer spending.