Alan Newman, Ebiquity’s chief financial and operating officer, is taking over as chief executive on an interim basis while the company searches for a permanent replacement for Karg.

Newman joined the firm in January 2019 and was previously chief financial officer at YouGov.

Karg (pictured) will remain with the business until the end of the year to work with Bowman on the transition.

In a statement released yesterday, Ebiquity said the company is postponing its capital markets event, which was planned to take place on 19^th November.

Rob Woodward, chairman at Ebiquity, said: “On behalf of the board, I would like to thank Michael for his significant contribution to Ebiquity over the past four years. Michael has transitioned the business towards becoming a more streamlined consultancy aligned to the demands of the evolving marketing and media environment and with a stronger balance sheet. We wish him well for the future.”

In a letter to colleagues posted on Ebiquity’s website, Karg wrote: “I am incredibly proud of what we have collectively accomplished over the last four years. Ebiquity has undergone a radical transformation and is now a much more focused and simpler business centred around independence, data, digital, analytics and unrivalled media expertise.”