Marchex Announces CEO and Board Transitions
October 03 2016 - 4:05PM
Business Wire
Company Reiterates Revenue Guidance for
Third Quarter
Marchex (NASDAQ:MCHX), a leading mobile advertising analytics
company, today announced changes to its executive leadership team
to improve its operational performance and focus on returning the
company to profitability.
Pete Christothoulou has resigned as CEO, effective immediately.
In addition, Clark Kokich has resigned as a member of the Board of
Directors.
Anne Devereux-Mills, Board member, has assumed responsibilities
as Chairman of the Board of Directors, effective immediately. She
has more than 25 years of executive leadership experience in global
advertising and marketing organizations. Previously, Devereux-Mills
was an executive at the Omnicom Group, where she held roles of
President, CEO and Chairman for companies within the Omnicom
Group.
The Board of Directors has created an Interim Office of the CEO
subject to oversight by Anne Devereux-Mills as Chairman and
comprised of the following members: Russell Horowitz, former CEO
and Chairman of the Board and current consultant to the company,
Michael Arends, Chief Financial Officer; Ethan Caldwell, Chief
Administrative Officer and General Counsel; and Gary Nafus, Chief
Revenue Officer. The Board of Directors will begin a search for the
company’s next CEO.
“Marchex has a long history of delivering exceptional products
and service to its customers while being a cash-generating
company,” said Anne Devereux-Mills, Chairman of the Board. “As we
begin the process of looking for a new CEO, we are reaffirming our
commitment to our customers and our opportunity, while focusing on
returning Marchex to a profitable, cash-generating company as soon
as possible. The Board thanks Pete for his service and is
appreciative of the many contributions he has made to Marchex.”
“I am proud of the organization we’ve built and the culture
centered on 'customers first',” said Christothoulou. “The company
has a great opportunity fueled by incredible people and I’ll
continue to be a supporter.”
In addition, the company is reiterating its third quarter
revenue guidance for $30 million or more. For Adjusted OIBA in the
third quarter, Marchex now expects a range of a loss of $3.5
million to $4.5 million including adjustments related to personnel
matters for the third quarter. For Adjusted EBITDA, the company now
expects a range of a loss of $2.5 million to $3.5 million. As of
September 30, 2016 the company had more than $104 million cash
on-hand.
About Marchex:
Marchex is a mobile advertising analytics company that connects
online behavior to real-world, offline actions. By linking critical
touchpoints in the customer journey, Marchex’s products enable a
360-degree view of marketing effectiveness. Brands and agencies
utilize Marchex’s products to transform business performance.
Please visit www.marchex.com,
www.marchex.com/blog or @marchex on Twitter (Twitter.com/Marchex),
where Marchex discloses material information from time to
time about the company, its financial information, and its
business.
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version on businesswire.com: http://www.businesswire.com/news/home/20161003006353/en/
Marchex Investor RelationsTrevor Caldwell, 206-331-3600Email:
ir(at)marchex.comorFor press inquiries only:Mark Peterson
206-390-0204Mark(at)pointerpr.com
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