Rubicon Project (NYSE: RUBI) announced it has hired a new CEO, Michael Barrett, to replace its current CEO and founder Frank Addante. The switch takes effect this week. The advertising technology company said that Addante will continue with the company as its chairman of the board of directors. He has been in the CEO seat for a decade.

Describing its incoming leader as a "seasoned media executive," Rubicon Project pointed out that Barrett has held a number of key positions in the internet and media spheres. Most recently he was chief revenue officer at Yahoo!, and prior to that he served as CEO of privately held AdMeld, an advertising platform company. He also worked at AOL and News Corp.

Of his new company, Barrett said that it "has a strong leadership position, a strong balance sheet, and an aggressive and innovative product strategy."

"We are well positioned to become the leading independent Global Exchange for publishers, app developers and advertisers," he added.

Separately, Rubicon Project announced its fourth quarter and full year 2016 results. For the quarter, adjusted revenue dropped by 20% on a year-over-year basis to under $67 million. Adjusted net income declined by 48% to land at just over $18 million ($0.37 per share). Both line items beat the average analyst expectations of $64 million on the top line, and $0.22 per share for net income.

For the year, Rubicon Project's adjusted revenue came in at slightly over $278 million, a 12% improvement on the 2015 result. Adjusted net income was $52 million, 18% higher on a year-over-year basis.

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Eric Volkman has no position in any stocks mentioned.

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