Bright Mountain Media Appoints Elaine Riddell as Non-Executive Director Bringing 15 Years of Experience Driving Transformative Growth

Rhea-AI Summary

Bright Mountain Media (OTCQB: BMTM) has appointed Elaine Riddell as Non-Executive Director of the Governance Committee. Riddell brings over 15 years of experience as a CEO, driving transformative growth in global data, analytics, and consulting firms. Her track record includes tripling revenue growth rates and scaling businesses rapidly while maintaining attractive margins.

Additionally, Matt Drinkwater, the company's CEO, has been appointed Interim Chairman of the Board. This change comes amid significant strategic and financial transformations, including strategic acquisitions, debt restructuring, governance enhancements, and business transformation initiatives. These moves aim to strengthen Bright Mountain Media's position in the global marketing services landscape and drive long-term success.

Positive

• Appointment of Elaine Riddell as Non-Executive Director, bringing 15 years of CEO experience
• Riddell's track record of tripling revenue growth rates in previous roles
• CEO Matt Drinkwater appointed as Interim Chairman of the Board
• Strategic acquisitions to strengthen market position
• Debt restructuring efforts to improve profitability
• Implementation of new governance structures

Negative

• None.

Boca Raton, FL, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Bright Mountain Media, Inc. (OTCQB: BMTM) ("Bright Mountain" or the "Company"), a global marketing services platform with current investments in digital publishing, advertising technology, consumer insights, and creative and media services, announced via a FORM-3¹ on August 14, 2024, that they have appointed Elaine Riddell as Non-Executive Director of the Governance Committee.

Elaine Riddell is a dynamic growth strategist with a proven track record of unlocking breakthrough potential within companies. With over 15 years as a CEO at leading firms such as NOPWorld Health (a unit of UBM), TNS Healthcare, and Kantar Health (now Oracle LifeSciences), Elaine has a distinguished history of transforming established global data, analytics, and consulting firms into high-performing market leaders. Her efforts have consistently driven revenue growth at three times the market rate, demonstrating her unique ability to scale businesses rapidly while achieving attractive margins.

Elaine’s expertise extends from her foundational roles at Abbott Labs (now AbbVie) and IMS Health (now IQVIA), where she honed her skills in customer-centric innovation, strategic mergers and acquisitions, and building high-performance cultures. This broad experience underpins her current role as Managing Director at Oaklins DeSilva+Phillips, a leading investment bank specializing in M&A advisory within the marketing and media services sectors.

In addition to her advisory work, Elaine is an influential board director for the Executive Forum, a network of top executives dedicated to advancing business growth. She served as Vice President from 2012-2016 and 2018-2024 and was Chair of the Advisory Board for Themis Analytics from 2016 to its acquisition in 2017. Themis, a leader in data and analytics for the biopharma industry, benefited greatly from Elaine’s strategic guidance.

Elaine is a McGill University alumna and holds dual Canadian and American citizenship.

Elaine Riddell stated, "I am thrilled to join Bright Mountain Media's Board of Directors at an important and exciting time. The company's innovative marketing services approach and commitment to excellence align perfectly with my values and experience. I look forward to working with the team to enhance Bright Mountain Media's governance further and drive its continued success."

Matt Drinkwater, CEO of Bright Mountain Media, commented, "We are excited to welcome Elaine Riddell to our Board of Directors. Her extensive experience transforming market research companies and deep understanding of strategic growth make her an invaluable addition to our team. Elaine's insights and leadership will be instrumental as we advance our position in the global marketing services landscape and uphold our commitment to exceptional governance."

Additionally, Bright Mountain Media is excited to announce that Matt Drinkwater, our Chief Executive Officer, has been appointed Interim Chairman of the Board, effective immediately. This appointment comes at a crucial juncture as we undergo significant strategic and financial transformations. Key developments include:

• Strategic Acquisitions: We have undertaken acquisitions that strengthen our market position and expand our capabilities.
• Debt Restructuring: Our debt restructuring efforts pave the way for clearer profitability.
• Governance Enhancements: We have implemented new governance structures to support our evolving business needs better.
• Growth and Transformation: We are advancing our growth strategy and business transformation initiatives to ensure long-term success.

Matt Drinkwater's new role as Interim Chairman highlights our commitment to steering this transformative phase with solid leadership and a clear strategic vision.

About Bright Mountain Media, Inc.

Bright Mountain unites a diverse portfolio of companies to deliver a full spectrum of advertising, marketing, technology, and media services under one roof—fused together by data-driven insights. Bright Mountain's brands include Big Village, Deep Focus, Wild Sky Media, and BrightStream. For more information, please visit www.brightmountainmedia.com.

Forward-Looking Statements for Bright Mountain Media, Inc.

This press release contains certain forward-looking statements that are based on current expectations and involve certain risks and uncertainties. Such forward-looking statements can be identified by the use of words such as "should," "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes," and similar words. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations of our ability to successfully integrate acquisitions, and the realization of any expected benefits from such acquisitions. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in Bright Mountain’s Annual Report on Form 10-K for the year ended December 31, 2023, and our other filings with the SEC. Bright Mountain does not undertake any duty to update any forward-looking statements except as may be required by law.

Contact / Investor Relations:
Douglas Baker at corp@otcprgroup.com
561 807-6350
https://otcprgroup.com

¹  https://www.otcmarkets.com/filing/html?id=17760658&guid=S6O-kFYK1gJjJth

FAQ

Who is Elaine Riddell and what is her new role at Bright Mountain Media (BMTM)?

Elaine Riddell is a growth strategist with over 15 years of CEO experience who has been appointed as Non-Executive Director of the Governance Committee at Bright Mountain Media (BMTM).

What changes have been made to Bright Mountain Media's (BMTM) board leadership?

Matt Drinkwater, the CEO of Bright Mountain Media (BMTM), has been appointed as Interim Chairman of the Board, effective immediately.

What strategic initiatives is Bright Mountain Media (BMTM) currently undertaking?

Bright Mountain Media (BMTM) is undertaking strategic acquisitions, debt restructuring, governance enhancements, and business transformation initiatives to strengthen its market position and drive long-term success.

What is Elaine Riddell's background and how might it benefit Bright Mountain Media (BMTM)?

Elaine Riddell has a background in transforming global data, analytics, and consulting firms, consistently driving revenue growth at three times the market rate. Her experience could help BMTM scale rapidly and achieve attractive margins.