Demand Media Announces Resignation of Richard Rosenblatt as Chairman & CEO; Shawn Colo Appointed Interim CEO; James Quandt Appointed Chairman
Demand Media® (NYSE: DMD) today announced that its board of directors has accepted the resignation of Richard Rosenblatt as CEO, effective October 31, 2013, and as Chairman, effective immediately. The board has appointed Shawn Colo as interim President, effective immediately, and as interim CEO, to be effective upon Mr. Rosenblatt's resignation. James Quandt has been appointed Chairman, effective immediately. The board will begin a search for a permanent CEO shortly.
“I look forward to working closely with our board of directors, executive team, and all of our employees to achieve our strategic goals,” said Mr. Colo. “Since co-founding the company in 2006, I have been involved in all facets of the business and am more confident than ever in Demand Media's potential.”
Mr. Quandt stated, “The board is excited to have Shawn expand his responsibilities at Demand Media. Shawn has played a major role in the company's success and is ideally suited to assume these added responsibilities because of his integral knowledge of all aspects of the business and his strong relationships throughout the industry.”
Demand Media's board also confirmed its commitment to pursue its previously announced spin-off plan which was disclosed in February 2013, although the company is evaluating the timing for completing the separation.
Mr. Rosenblatt stated, “I want to thank everyone that helped to make Demand Media a leading content creation and media company. It has been a great honor to work with our investors, board and brilliant team over the past 7 years. I realize that all journeys must ultimately come to an end and want to wish Shawn and the entire team success as they continue to grow the business.”
Shawn Colo co-founded Demand Media in April, 2006, and he currently serves as Executive Vice President, Corporate Development. He has played an instrumental role in building the company and its operations. Prior to founding Demand Media, Mr. Colo was a principal with Spectrum Equity Investors, a $4 billion private equity firm. He holds a B.S.E. in Civil Engineering and Operations Research from Princeton University. Shawn also sits on the Board of Directors of KCRW, Southern California's nationally recognized National Public Radio affiliate.
James R. Quandt has been a member of Demand Media's board since 2008 and is currently the lead independent director, serving on the board's audit and compensation committees. He has served as co-founder and Managing Partner at Thomas James Capital, Inc., a private equity firm that also provides financial advisory services, since 2005. Mr. Quandt has served on a number of public and private company boards. Mr. Quandt is a member of the Board of Trustees of Saint Mary's College of California and currently serves as Chairman Emeritus. He participated in the Managerial Policy Institute at the University of Southern California's Marshall School of Business, and received a B.S. in Business Administration from Saint Mary's College.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.