The company announced Wednesday morning that co-founder and Co-CEO Dhruv Prasad has resigned from his position as Co-CEO and board member, effective January 31. Bill Wilson will transition from Co-CEO to serve as the sole CEO.
Prasad co-founded Townsquare in 2010 and served as Senior Vice President, Strategy and Operations and Executive Vice President, Live Events before being appointed Co-Chief Executive Officer in 2017.
“I want to thank Dhruv for his contributions to Townsquare over his longstanding tenure, and in particular, his partnership over the past year as Co-CEO. Together, we were able to reorient Townsquare to focus on our ‘Local First’ strategy, and successfully rationalize our non-local businesses,” said Mr. Wilson. “I look forward to continuing this strategy, which has driven strong local growth in 2018, particularly within our digital businesses, and solidified our position as the premier local advertising and marketing solutions company in the heartland of America.”
Steven Price, the company’s co-founder and Executive Chairman, added, “We thank Dhruv for his hard work and contribution in building the company over nearly a decade and for his leadership over the last year as Co-Chief Executive Officer, a period in which we reset our strategy on our core local mission and delivered financial results that were at the top of the industry. We wish him the very best as he embarks on his next chapter.”
“I am incredibly proud of what we have accomplished since founding Townsquare in 2010,” said Mr. Prasad. “From scratch, we created not only the nation’s third-largest radio broadcaster, but also built new, profitable businesses in live events and digital. With the company on strong footing and in the hands of an outstanding senior management team, it’s time for me to move on to my next challenge.”