LBG Media plc, the Manchester-based parent of Ladbible, announced that company co-founder Arian Kalantari has resigned as chief operating officer (COO) and as a director of the company with immediate effect.
LBG Media also published a trading update for the half year ended June 30, 2023, saying it expects to report first half revenue up 10% to £27.2 million.
“Arian has been on a sabbatical since the start of the year to spend more time with his family and has made the decision not to return to the company,” said LBG Media.
“His operational responsibilities had therefore been distributed among colleagues and will now be permanently retained by those members of the group’s established and strong leadership team.”
LBG Media is the digital media and youth content publisher of Ladbible and other news brands including Sportbible and Tyla.
The Manchester firm went public on the Alternative Investment Market (AIM) of the London Stock Exchange in December 2021 at £1.75 a share, but the stock has since fallen almost 60% to around 80p, giving it a stock market value of about £165 million.
LBG Media CEO Solly Solomou said: “On behalf of the board and everyone at the company, I would like to thank Arian for his support over the years, both in the terms of the vital contribution to the founding of the business and the years of success that have been achieved since.
“It has been a great pleasure to work side by side with my good friend and I wish him all the best and look forward to his continued support as a shareholder.”
Kalantari said: “It has been an incredible journey to see this business grow and thrive over the last 11 years since Solly and I founded it.
“LBG Media is very well-positioned to continue to succeed in the years to come and I will remain a passionate supporter.”