Monday 18 June 2018

New boss for former ‘tech unicorn’ Ve Global

Ve Global – formerly known as Ve Interactive – is eyeing a return to profit this year.

Ve Global's Morten Tonnesen, who is stepping down as chief executive (Ve Global/PA)
Ve Global's Morten Tonnesen, who is stepping down as chief executive (Ve Global/PA)

By Ben Woods, Press Association Chief City Correspondent

Ve Global, the former “tech unicorn” in the middle of a financial turnaround, has parted company with its chief executive.

Morten Tonnesen has left the firm after 12 months in the post, with chief operations officer David Marrinan-Hayes being promoted to CEO.

Mr Tonnesen’s decision to leave the business was driven by family commitments and a desire to pursue other projects, the Press Association understands.

Ve Global, which has 10,000 clients worldwide, was burning through £2 million a month when it collapsed into administration in April 2017.

Since then, it has secured £15 million from investors, let go of around 100 UK staff and shifted into new offices at the White Collar Factory in London’s Old Street.

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David Marrinan-Hayes, the new chief executive of Ve Global (PA)

The advertising technology firm said Mr Tonnesen had “successfully consolidated and strengthened” the firm’s position over the past year.

Mr Tonnesen said: “Having worked closely with David from day one, I have no doubt that the relationships he has built at every level of the business, together with his fortitude, will put Ve Global on the next stage of its journey.

“I am immensely proud of what has been achieved at Ve over the past 12 months.

“I wanted to ensure that the company was robust and healthy enough to transition to the next stage in its development and I am pleased to say that we have achieved that.”

Ve Global – formerly known as Ve Interactive when it was considered a “tech unicorn”, a startup company valued at over 1 billion US dollars – is eyeing a return to profit this year as a company overhaul gains traction.

The company announced in January that it was beefing up its board by appointing entrepreneur Michelle Mone as a non-executive director.

Mr Marrinan-Hayes said: “I am looking forward to taking up the mantle and delivering the next phase of Ve’s transformation.

“It has been a great pleasure working alongside Morten and, thanks to his experience, connections and counsel, Ve is much closer to achieving its goals with many opportunities that he has provided for us.”

Ve Interactive founder David Brown left the business last year after coming under fire for the firm’s exorbitant spending under his tenure.

Press Association

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