Magnite announced that Chief Financial Officer David Day will retire effective September 30 2026, after more than a decade of leading the company’s finance organization. Day will remain on the board as a special advisor through May 31 2027, ensuring continuity while the board initiates a comprehensive search for his successor.
Day’s tenure has been marked by a series of transformative initiatives. He guided the integration of SpotX and the launch of SpringServe, both of which expanded Magnite’s Connected‑TV (CTV) capabilities and positioned the company as the world’s largest independent sell‑side advertising platform. Under his stewardship, Magnite accelerated shareholder returns and pursued aggressive margin expansion, driving an Adjusted EBITDA margin of 43% in Q4 2025 and a 6% year‑over‑year revenue increase to $205.4 million.
The board’s search for a new CFO will include both internal and external candidates, with Day actively involved in the process. The transition plan, which extends through May 2027, is designed to preserve financial leadership stability and maintain investor confidence during the change.
Magnite’s Q4 2025 results provide context for the leadership transition. The company reported $205.4 million in revenue, up 6% YoY, and $83.8 million in Adjusted EBITDA, a 43% margin. Cash and cash equivalents stood at $553.4 million, and the company maintained zero net leverage. In March 2026, S&P Global Ratings upgraded Magnite to ‘BB’, citing strong operating performance and reduced leverage.
Magnite reaffirmed its financial expectations for the full year 2026, projecting at least 11% growth in Contribution ex‑TAC and an Adjusted EBITDA margin above 35%. The company also reiterated its Q1 guidance, signaling confidence in continued growth and margin expansion. Market reaction to the announcement was modest, reflecting the company’s solid performance and the continuity plan for Day’s advisory role.
"David has been an invaluable partner and a steady hand during a period of immense transformation for our company," said CEO Michael Barrett. "From his early days helping lead Magnite’s predecessor, Rubicon Project, through its IPO, to his leadership over the last ten years as CFO, David’s financial stewardship has been essential in building the global leader we are today. We are grateful that he will continue to lead our finance organization as we conduct our search for his successor," added Barrett. Chairman Paul Caine added, "On behalf of the Board, I want to thank David for his extraordinary leadership during a period of significant growth for our company. His strategic vision was instrumental in evolving our financial foundation to meet the demands of our dynamic industry." Day himself noted, "It has been an incredible journey to help lead Magnite through such a dynamic era of growth."
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