ComScore Outlines Plan to Cut 10% of Jobs, Says COO Stepped DownBy
ComScore Inc., which has delayed its regular financial filings because of accounting irregularities, plans to eliminate 175 jobs and said Chief Operating Officer Cameron Meierhoefer has stepped down.
The job cuts, amounting to 10 percent of the workforce, will result in costs of $10 million to $12 million, primarily because of severance expenses, the Reston, Virginia-based company, which publishes data such as box-office results and website traffic figures, said Wednesday in a regulatory filing.
ComScore agreed to add four new independent directors to its board in September, settling a dispute with activist investor Starboard Value LP. The company hasn’t held an annual meeting since 2015 amid an accounting probe and restatement of past results. Co-founder and Chief Executive Officer Gian Fulgoni stepped down on Nov. 30, accelerating a planned retirement.
The job cuts stem from management’s decision to quit some geographic markets and reduce costs. The majority of the employees affected will leave this year, and the rest are expected to exit by the end of March.
Meierhoefer had been chief operating officer since March 2012. He will remain a special adviser at his current pay until March.