The company posted a statement on its site.
On Friday, January 23rd, the Adaptive Medias, Inc. leadership team was made aware of a legal situation involving our former CEO and member of the Board of Directors, Qayed Shareef. Our team immediately carried out its own due diligence so that Adaptive Medias, Inc. could accurately and appropriately respond. In doing so, the Company will cooperate fully with all proper authorities and channels.
Mr. Shareef’s circumstances are of a personal nature, and not related to the company, its work, functions for its customers, clients, partners, vendors or shareholders in any way.
The Board of Directors determined the best course of action; and as of Monday, January 26, 2015, Qayed Shareef has been terminated from his positions as Chief Executive Officer and Director of Adaptive Medias, Inc.
In addition, the Board of Directors and Adaptive Medias, Inc. are pleased to announce the appointment of Jim Waltz as the Acting Chief Operating Officer. Mr. Waltz is currently the CEO of Beanstock Media and former head of sales at DoubleClick. He will immediately be taking over the company’s operational leadership duties and responsibilities. Mr. Waltz will be reporting directly to the company’s Board of Directors.
Furthermore, Adaptive Medias, Inc. has formed a committee of five individuals to actively search for its next CEO. The committee is comprised of experienced digital video and advertising executives who possess a deep understanding of the organization, industry and market landscape.
As the leading provider of programmatic audience and content monetization across mobile, video and online displays, our mission continues to be the same: To maintain exceptional user experiences while serving our clients to our utmost ability.
A strategy has been set in place to ensure our clients, partners, employees and stakeholders are kept well-informed of the situation as it progresses. As a company, we have acted in unity and set forth a robust array of positive actions that will help enhance our offerings, delivery of service and demonstrates a commitment to shareholder value.
Our leadership changes can be referenced via our press release.
