Irvine-based Advantage Solutions Inc. (Nasdaq: ADV), a provider of outsourced sales and marketing services to consumer goods manufacturers and retailers, said Tanya Domier will retire as chief executive to become executive chair, effective April 1.
President and Chief Commercial Officer Jill Griffin will succeed Domier and will be named to the company’s board of directors.
“As I near a decade term as CEO and after multiple years of succession planning with the board, it is time for me to pass the baton to the amazing next generation of leadership at Advantage to write the next chapter in this great company’s story,” Domier, who has been with the company for 32 years, said in a statement.
Griffin joined Advantage in 2008 as president of the company’s experiential marketing division. She was promoted to lead the entire marketing segment and built the business from a primarily shopper marketing practice to a top-ranked omnichannel marketing solutions provider.
Advantage shares fell 15% today to $6.59 and a $2.1 billion market cap. Shares have dropped about in half since last April.
Yesterday, the company forecast 2022 adjusted profit of $490 million to $510 million, down from $521.2 million in 2021. The company said the forecast reflected the uncertainty around inflation, labor and the pandemic as well as pursuing “opportunistic reinvestment.”
The company also reported fourth-quarter sales jumped 21% to $1.03 billion.