Down on TheStreet
Financial news site TheStreet (NASDAQ: TST) has announced that CEO Daryl Otte will step down by March 31, 2012.
According to TheStreet, the company's board has formed a committee dedicated to finding Otte's successor, and Otte himself will assist in the search.
"TheStreet has made outstanding strategic progress over the last several years and now with its solid platform is well positioned for growth," Otte said in a statement, adding that this is a good time to hand the reins "to new talent to continue our momentum."
Otte continued by saying that he is proud of what TheStreet achieved while he was in charge, including “expansion of the company's audiences and improvement in its market rankings”.
"The company's product pipeline is full with offerings such as new mobile applications; TheStreet Business Desk, currently in partnership with over 300 horizontal news sites; unique advertising products; and an overhauled premium services product portfolio," Otte said, adding that he looks forward to "TheStreet executing on the many opportunities that lay ahead."
The news follows former Chairman Jim Cramer's decision to step down earlier this year, though he remains on the board. Private-equity exec Christopher Marshall succeeded Cramer.
What this means for TheStreet remains to be seen, though one has to imagine that the board will be well capable of selecting a fine replacement. If you would like to be alerted to TheStreet updates as they come out in real-time, signup for a free trial of Benzinga Pro's premium news service.
