Rightster stock rises as its chief executive and founder departs

 
Oliver Smith
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AIM-LISTED London technology startup Rightster yesterday announced its chief executive Charlie Muirhead has stepped down with the firm’s commercial chief, Patrick Walker, taking over with immediate effect.

Rightster specialises in the distribution of online video and operates one of the largest multi-channel networks on YouTube, with a client list that includes The Press Association, The Guardian and Conde Nast.

Over the past year Rightster’s shares have fallen nearly 62 per cent. However, yesterday they rose 11.32 per cent on the news.

Muirhead, also the founder of the business, will remain on its board joined by Walker.

“Patrick and the team will push the company on to the next level,” said chairman Mark Lieberman. “We are delighted that someone of Patrick’s stature in the online video industry will succeed Charlie and lead the next phase of our growth.”

The company also published a trading update stating that the board remains confident of exceeding its revenue target of £8.5m for the full year to 31 December 2014.