Logiq Appoints Former Ogilvy and WPP Executive as COO and Makes Board Changes in Preparation for Transformative M&A
01/05/2023 - 06:30 AM
NEW YORK, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Logiq, Inc. (OTCQX: LGIQ, NEO: LGIQ), a leading provider of digital consumer acquisition solutions, has appointed Christopher Andrews as chief operating officer, succeeding John MacNeil who has been appointed SVP of mergers and acquisitions.
Andrews brings to Logiq over 20 years of business leadership experience, proven talent for unlocking revenue opportunities, and helping private and public companies build world-class IT operations. His career has been dedicated to integrating technologies, people and data for driving profitable growth and long-term success.
As a former Ogilvy Health and WPP chief technology and information officer, he brings to Logiq an extensive record of achievement, including creating $150 + million revenue streams through technology innovation, unique client solutions, targeted tech stacks and data management platforms.
As Logiq’s new COO, he will initially be responsible for leading the company’s DataLogiq operations and preparing them for the previously announced planned spinoff into a Nasdaq-traded SPAC. He and MacNeil are anticipated to transition with the DataLogiq business to the new entity of which Logiq shareholders will continue to have a large stake.
“We welcome Chris’ exceptional skills and experience in digital marketing, particularly as DataLogiq begins to hyper verticalize its market focus and establish valuable leadership positions in these spaces,” stated Logiq CEO, Brent Suen.
Commented Andrews: “I'm excited to join the amazing Logiq team at this critical stage in its growth and development. I see DataLogiq enjoying a unique opportunity to become a leader in performance marketing by enabling hyper verticalization into compliance markets, such as for cannabis and CBD. I’m looking forward to helping it realize high returns from its extensive go-to-market investments.”
Added Suen: “Chris’ appointment has also enabled us to better focus John’s experience and strengths in M&A to ensure DataLogiq’s smooth transition in becoming its own Nasdaq-traded company. He will also help DataLogiq leverage its Nasdaq status to aggressively pursue M&As in a target-rich environment of highly complementary acquisitions.”
Andrews most recently served as chief digital officer and COO of MediaJel , where he transformed its operations into a scalable digital marketing solution for regulated industries. He earlier founded and served as CEO of D&B Labs, where he helped early-stage high tech start-ups advance their go-to-market investments. Prior to D&B Labs, he served as the chief digital officer of Kubient, a cloud-based software platform for digital advertising.
He previously served on the board of TenFour before it was acquired by Acuative. He holds a Bachelor of Science in mechanical engineering and Master’s in management from New Jersey Institute of Technology.
Logiq Board Transitions announced acquisition of a privately-held operating company (“PrivCo”), MacNeil and other company directors, Lea Hickman, Josh Jacobs and Matthew Burlage, have stepped down from the board.
The PrivCo is expected to nominate additional board members following the transaction, as well as make additional executive appointments. Logiq’s board now consists of three board members, with one serving independently.
“We are immensely grateful to Lea and Josh for their valuable contributions over the last two years and Matt for his over eight years of exceptional service to the board,” commented Suen. “Their dedication, guidance and support have been immensely helpful as we’ve navigated some very rough waters due to the global pandemic and worked to preserve and rebuild shareholder value through strategic transactions. We wish them the very best in their future endeavors.”
Over the course of last year, Logiq implemented a restructuring plan designed to position the company for growth, organically and through acquisition. By late November of 2022, it began to see strong traction in the DataLogiq business with its annualized revenue run-rate approaching $40 million .
About Logiq
The company’s Digital Marketing business includes a holistic, self-serve ad tech platform. Its proprietary data-driven, AI-powered solutions allows brands and agencies to advertise across thousands of the world’s leading digital and connected TV publishers. For more information, visit www.logiq.com .
Important Cautions Regarding Forward Looking Statements
These statements speak only as of the date of this press release. Forward‐looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Logiq’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. In particular and without limitation, this press release contains forward‐looking statements regarding our products and services, the use and/or ongoing demand for our products and services, expectations regarding our revenue and the revenue generation potential of our products and services, our partnerships and strategic alliances, potential strategic transactions, the impact of global pandemics (including COVID-19) on the demand for our products and services, industry trends, overall market growth rates, our growth strategies, the continued growth of the addressable markets for our products and solutions, our business plans and strategies, and other risks described in the Company’s prior press releases and in its filings with the Securities and Exchange Commission (SEC) including its Annual Report on Form 10-K and any subsequent public filings, and filings made pursuant to Canadian securities legislation that are available on www.sedar.com, including under the heading “Risk Factors” in the Company’s Canadian Prospectus.
Logiq undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Logiq to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
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