Feb 23, 2017 07:55 PM EST

Rubicon Project President Leaves Amid Business Restructuring

Rubicon Project continues to show the door to its employees as it works on improving its business. The ad tech company is working on improving its operations to boost its financial results, and the initiative has led to the resignation of some of its executives.

The latest to leave the company is Greg Raifman, who has served as president, The Drum reported. Chief Executive Officer Frank Addante is claiming that the ad tech company needs to let go of several people in order to improve its business.

In resigning from his role as president of Rubicon Project, Raifman will cease to have any management duties at the ad tech firm. However, he will continue to be a member of the board of director of the company.

The ad tech company will also see six of its senior employees leave aside from Raifman. In addition, the ad tech company laid off 125 people in November. The staff layoff was related to the ad tech company's decision to shutter its Toronto office.

According to a report by Business Insider, Addante is trying to reassure investors and the remaining employees of Rubicon Project that business is stable despite the departures. The chief executive officer expressed confidence that the ad tech company will see strong results in 2017 as a result of the changes in its operations and management.

The division that has been largely affected by the layoffs is sales and marketing. There are speculations that Rubicon Project is trying to clean up its ranks because it is planning to sell itself.

Rubicon Project management refused to confirm the rumors. Addante's email about the changes did not hint about potential sales, but he promised to unveil the company's new management structure soon.

Jobs & Hire previously reported that Leonardo DiCaprio invested in Rubicon Global.

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