Marchex, the mobile ad analytics provider, is making some changes to its leadership team as it aims to improve operational performance and profitability across the company.
Marchex announces changes to leadership team
Former CEO Pete Christothoulou resigned, effective immediately. In addition, Clark Kokich also resigned as a member of the Board of Directors.
Anne Devereux-Mills, who is a Board member, will be taking on the role as Chairman of the Board of Directors, effective immediately. She joins with over 25 years of executive leadership experience, having worked at Omnicom Group as President, CEO and Chairman for companies within the Group.
At Marchex, she will also be overseeing the newly established Interim Office. Members of the Office include: 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.
Anne Devereux-Mills, Chairman of the Board, Marchex, says:
“Marchex has a long history of delivering exceptional products and service to its customers while being a cash-generating company. 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.”
Marchex has also reiterated Q3 revenue guidance for $30m and more. As an adjusted OIBA, the company expects losses anywhere between $3.5m to $4.5m including adjustments related to personnel matters. It added that adjusted EBITDA may also see losses of $2.5m to $3.5m.