XLMedia begins search for new chief executive

London-listed online gaming affiliate XLMedia is searching for a new chief executive to replace Stuart Simms.

Simms will step down as XLMedia CEO in the coming months to pursue other interests after almost three years at the helm of the digital performance publisher, with the board of directors launching a formal executive search process to identify his successor.

XLMedia announced Simms’ resignation on Monday (April 4) and said that he will remain with the business for the next few months to support the executive team and board, and to facilitate an orderly handover. 

“I would like to thank Stuart for his contribution to XLMedia through a very challenging period in our history,” said Julie Markey, interim-chair of XLMedia. “He departs having expanded our Sports footprint in North America, a key strategic focus.  I, on behalf of the Board, wish him all the very best for the future.”

“During my time at XLMedia, and with the support of my team, we have been able to deliver substantive, tangible change; de-risking the core business whilst moving the company's operational focus towards the growing North American Sports market - creating a strong asset base capable of delivering shareholder value for many years to come,” said Simms.

Shares in XLMedia plc (LSE:XLM) fell by 8.74 per cent to 36.84 per share in London earlier Monday following the announcement.