UPDATE: Trustpilot taps CFO as Advent Global Opportunities sells stake
Trustpilot Group PLC on Tuesday said it has hired a new chief financial officer, joining in September, as one of the company’s large investors sold its holding.
Marcus Roy will join Trustpilot and its board on September 14, succeeding Hanno Damm, who will step down after more than a decade but remain until October for the transition. Roy joins the Copenhagen, Denmark-based consumer review platform from Economist magazine publisher Economist Group, where he has been CFO since 2021.
Commenting on Roy’s selection, Trustpilot Chief Executive Officer Adrian Blair said: ‘His proven experience scaling a subscription and data business at the Economist while maintaining strong financial discipline will be hugely valuable as we scale Trustpilot into the vast market opportunity ahead.’
Separately early Tuesday, Deutsche Bank AG confirmed that Advent Global Opportunities Master Ltd Partnership sold most of its holding in Trustpilot.
Advent Global Opportunities sold 21.6 million shares, a 5.6% stake, at 214 pence per share, worth £46 million in total. Trustpilot has a total market capitalisation of £817.3 million.
Trustpilot shares were down 12% to 207.60p early Tuesday in London. The wider FTSE 250 index was down just 0.4%.
The shares were sold in a placing run by Deutsche Bank, together with JP Morgan Securities PLC, and the total matched the sale plan first announced after the London market close on Monday.
On completion, Advent Global Opportunities Management LLC will continue to hold about 250,000 Trustpilot shares in a separate fund. If these are sold, it ‘will not be through a capital markets event’, Deutsche said, meaning not requiring public disclosure.
Last week, shares in Trustpilot jumped after reporting strong results. The shares were knocked at the back end of 2025 after short-seller Grizzly Research LLC accused the company of ‘mafia-style extortion campaigns against non-paying businesses’ and a ‘concerning pattern of apparently falsified reviews’.
On Monday, Trustpilot said it ‘strongly’ disagrees with the findings of an Italian Competition Authority investigation, which resulted in an €4 million penalty.
The AGCM, announcing the fine earlier on Monday, said that Trustpilot and Danish and Italian entities ‘failed to carry out adequate checks to ensure the authenticity of the reviews published on their platform, including where such reviews were labelled by Trustpilot as verified’.
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