A new CEO has been appointed at global digital performance publisher XLMedia.

XLMedia, headquartered and listed in London, operates its performance-based payments technology in verticals including online gambling and personal finance.

It has a market cap of £80 million, with a share price which has halved in the last 12 months.

Stuart Simms, the company’s existing chief executive officer, announced his intention to step down last month.

David King will replace him, joining the company on 1st July and supported by a handover period with Simms.

King has held a number of senior executive roles in companies across the media sector, most recently as CEO at JPIMedia Group.

In that role he led a digital acceleration programme and oversaw an ongoing rationalisation programme; growth of the ‘i’ newspaper after it was acquired; and the sale of the group.

Before entering local media, David was appointed Time Out’s first CEO and before that was CFO of BBC Worldwide for nine years. He also spent six years as a management consultant at PwC.

“We are delighted to welcome David to XLMedia and believe that, with his significant digital publishing experience and proven track record of leading change, he will be a key asset in helping us capitalise on a number of growth initiatives,” said Marcus Rich, non-executive chair at XLMedia.

“David’s extensive knowledge of the media sector makes him the ideal candidate to lead the Group and I and the Board look forward to working with him.”