Company Reiterates Revenue Guidance for Third Quarter
SEATTLE--(BUSINESS WIRE)--Oct. 3, 2016--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161003006353/en/
Source: Marchex, Inc.
Marchex Investor Relations
Trevor Caldwell, 206-331-3600
Email:
ir(at)marchex.com
or
For press inquiries only:
Mark
Peterson 206-390-0204
Mark(at)pointerpr.com
