Digital River Announces CEO Succession Plans
Digital River (NASDAQ: DRIV), a leading provider of global e-commerce solutions, today announced that Founder Joel A. Ronning has stepped down as Chief Executive Officer. Mr. Ronning will continue to serve as Chairman of the Board until December 31, 2012, when he will retire from the board. Lead Independent Director Thomas F. Madison has been named interim Chief Executive Officer. The board of directors is conducting a search for a permanent CEO and has retained Spencer Stuart to assist with the process. The board will consider both internal and external candidates for the CEO position.
Mr. Madison said, “On behalf of the entire board of directors, I want to thank Joel Ronning for his tireless work and leadership. The company that Joel built from the ground up has become far more than a Minnesota business success story – Digital River is now a $400 million leader in global cloud commerce. Under his watch, Digital River has developed a deep executive bench and a strong brand reputation in e-commerce, positioning it well for long-term success. I know I speak not just for the board and the management team, but for all Digital River employees, as we thank Joel for his steadfast commitment to Digital River since 1994 and wish him the best in his future endeavors.”
Mr. Ronning stated, “I am extremely proud of Digital River's progress and accomplishments over the past 18 years, and I am honored to have had the opportunity to lead such an experienced and talented team of professionals. Digital River is in a strong position today, and I'm confident it has excellent prospects for the future. After considerable reflection, I am at a point where I want to spend more time with my family and pursuing other interests.”
Prior to founding Digital River, Ronning served as Chairman and CEO of Tech Squared, Inc., a direct catalog marketer of software and hardware products. He also previously founded and served as CEO and Director of MacUSA, Inc., a wholly owned subsidiary of Tech Squared. Additionally, he served as a Director of S2 Technologies, Inc., and Jasc Software. Ronning is a member of the board of the Walker Art Center and the Guthrie Theater. He holds 12 patents in encryption technology and digital delivery.
Mr. Madison has been a Director of Digital River since 1996. Since 1993, he has been President and CEO of MLM Partners, a consulting and small business investment company. He has served as Vice Chairman and CEO of Minnesota Mutual Life Insurance Company, President of US WEST Communications Markets, and President and CEO of Northwestern Bell Telephone Company. He is currently a Director of Rimage Corporation and Spanlink Communications and was previously Chairman of Communications Holdings, Inc., Chairman of AetherWorks, LLC, Chair of Banner Health, Chair of the Advisory Board for VoiceViewer Technologies, Inc., and a Director of CenterPoint Energy, Inc., Valmont Industries, Inc., and Delaware Group of Funds.
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