Criteo S.A. appoints Ernst Teunissen as Director, backed by Petrus Advisers
Key Summary: On February 22, 2024, Petrus Advisers Ltd urged the company for an investor day, share buyback acceleration, strategic review, and Board refresh. On April 16, 2024, the company nominated Ernst Teunissen as an independent director, announced a $150 million stock repurchase plan, and scheduled a fall 2024 Retail Media business update, backed by Petrus Advisers.Market Cap: $1.7 billion | Criteo S.A., a technology company, provides marketing and monetization services on the open Internet in North and South America, Europe, the Middle East, Africa, and the Asia-Pacific.
On February 22, 2024, Petrus Advisers Ltd (5.6%) sent a letter to the company urging them to conduct an investor day, accelerate share buybacks, initiate a strategic review, and refresh the Board with independent candidates. They stated that depending on market dynamics and outcomes of discussions, they may pursue changes to the Board composition at the next general meeting.
On April 16, 2024, the company nominated Ernst Teunissen as a new independent director for its Board of Directors. Additionally, the company unveiled plans to repurchase a record $150 million of stock in 2024 and provide an investor update on its Retail Media business in fall 2024. Petrus Advisers backs Teunissen's nomination and the accelerated capital return initiative. Source