Paul Cramer has exited Veritone after nearly eight years with the company. His departure follows Veritone’s recently announced cost-cutting initiative, in which it revealed plans to reduce its workforce by 25%.
What We Know: Cramer joined Veritone in 2017 as Managing Director of Media and Broadcasting. He earned a promotion to Vice President of Sales for Media, Entertainment, and Sports in July 2023 after helping expand the company’s relationships across multiple industries. Before joining Veritone, Cramer spent a decade at Triton Digital in several leadership roles. His background made him a familiar figure throughout the audio and digital media business. Last month, Veritone announced plans to eliminate roughly one-quarter of its workforce. According to a filing from last year, the company employed 446 people and aims to reduce annual expenses by approximately 30%.
What’s At Stake: Cramer’s departure removes an experienced executive who helped oversee media, entertainment, and sports sales during a period of significant growth in AI products. Meanwhile, Veritone continues reshaping its business as it works to improve its financial position and streamline operations.
What Remains Unclear: The company hasn’t announced whether it will replace Cramer or redistribute his responsibilities. It also hasn’t detailed which departments will absorb the largest impact from the planned workforce reductions.
What It Means: Executive departures often accompany broad restructuring efforts. As a result, Cramer’s exit signals that Veritone’s cost-cutting strategy extends beyond staffing levels and could reshape how the company serves media and broadcasting clients going forward.
Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.
Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.