TORONTO: Marketwired has promoted COO Jim Delaney to CEO weeks after it rebranded from Marketwire.
Michael Nowlan, who served as chief executive of the company for the past 14 years, will remain on its board of directors and continue to provide strategic oversight.
In his new role, Delaney will focus on “leading transformational change in the traditional distribution industry” through new products and services, new relationships with social networks, and growing market share and revenue, according to a statement.
Delaney joined Marketwire as COO last August from Dun & Bradstreet. At the time, the company created the position with the intention of grooming the next CEO, it said in a statement.
Delaney started in the role on Tuesday. He will continue to be based at the company's Toronto headquarters.
“Our history here at Marketwired has been in the traditional newswire distribution business. But as you may have seen in the SEC's announcement in April, the market has fundamentally changed. The traditional press-release-distribution business is a business that is slowly going away, and it's one that is going to embrace technology and the use of social media as a distribution media for financially sensitive data,” he said. “We're no longer about being a press-release-distribution company, but we're about being a social communications company.”
Marketwired's product features already allow users to distribute releases simultaneously on traditional and social platforms, Delaney added. The company plans to unveil new products in June, he added.
Last month, Marketwire rebranded as Marketwired to reflect its shift to a more social-oriented company. It also brought on Stu Ogawa, former VP of business intelligence at Yahoo, as global EVP of product and technology.
Since the company acquired social media analytics firm Sysomos in 2010, it has integrated Sysomos' platform with other products. The rebranded company is focusing on news-release distribution and reporting as well as social media monitoring and analytics, Delaney told PRWeek at the time.
A Marketwired executive could not be immediately reached for comment on the leadership change.
This story was updated on May 8 to include quotes from Delaney.