Turakhia steps aside at ad tech company he founded.
Div Turakhia, the billionaire co-founder of Directi and founder of ad tech company Media.net, is stepping down from the CEO role at Media.net. The company announced today that current CTO Vaibhav Arya has been promoted to CEO.
Turakhia founded the digital advertising company with knowledge and partnerships gained in the domain parking business. He turned this into an ad tech powerhouse that grossed $232 million in 2015. Shuzhi (formerly known as Miteno) bought the business for $900 million in 2016. (You can hear about Div’s journey and Media.net on DNW Podcast #139.)
After the acquisition, Turakhia stayed on in the CEO role while grooming his senior management team for a planned transition. Now, one of the people who has been with Media.net from the beginning is stepping up as CEO.
Arya has worked with Turakhia for a decade. While Arya has technically been the CTO, I know from my time working with Arya and Div at Media.net that Arya has a strong business acumen.
Turakhia has been appointed Strategic Advisor to the Shuzhi board.
Update: I have received a copy of the email Turakhia sent to the 1,300 employees of Media.net today. It is below.