Loop Media announces changes to executive team, to explore alternatives

Earlier this week, Loop Media announced that Jon Niermann is stepping down as CEO and the Board has unanimously appointed Justis Kao as Interim CEO, effective immediately. Kao has served in various roles in the company, including Chief Communications Officer, Chief of Staff, Investor Relations and, most recently, Chief Content Officer. Niermann will remain a member of the Board and management team, maintaining a strategic focus on revenue and distribution. In addition, Bruce Cassidy has been appointed Executive Chairman of the Board. Loop Media announced today that Bob Gruters, Chief Revenue Officer of the company, has resigned after three years to pursue another business opportunity outside of the Company. Gruters has agreed to remain an advisor to the company. Randy Greenberg, Chief Operating Officer and Chief Marketing Officer, who joined Loop Media in July 2023, will be stepping down from those roles and leaving the company to pursue other business opportunities. The Board of Directors and senior management team conducted an operational and cost-cutting review across the company which it believes will provide the framework to making the company more competitive in the CTV for business/DOOH industry. The Board and management team determined that executing operational changes is prudent to accelerate Loop Media’s potential path to break even and operating profitability. As a result of the review, the company has laid off and furloughed certain employees and has implemented salary reductions to create efficiencies and lower the company’s overhead. These cost-cutting measures include senior management salary reductions and are expected to result in an annual aggregate cash payroll reduction of approximately $2M. Loop Media also intends to explore potential strategic alternatives to maximize shareholder value, as well as evaluate potential financing opportunities to help advance its business goals.