Velti Names New CFO
Mobile marketing firm Velti has named Jeff Ross as its new chief financial officer, starting early next year. Ross, who served as CFO at enterprise software company Sybase, will join Velti January 7. The company said current CFO Wilson Cheung will remain at Velti in a role in connection with its Asian markets.
The move follows Velti’s announcement last month of plans to sell off assets in the Balkan countries, Greece and other markets to focus on business in stronger regions including the U.S., U.K. and elsewhere in Western Europe. For the third quarter, Velti reported a loss of $24.7 million, or 38 cents a share.
On an adjusted basis, the company lost three cents per share. Revenue increased 63% to $62.4 million. The unexpected quarterly loss and divestiture caused Velti’s share to fall about 35% following its earnings announcement. The stock was up about 5% to $4 a share in early trading on Monday.
"With the recent additions of Jeff as CFO, Harry Patz as Chief Revenue Officer, Jason Hoffman as SVP Product Management and Jesper Helt as SVP Human Resources, we are well positioned as we start the next stage of our development" said CEO Alex Moukas, in a statement.
Before his appointment as CFO at Sybase in 2007, Ross had been chief accounting office and corporate controller at the company, which was acquired by SAP in 2010 for $5.8 billion.