- Advertising analytics firm Marchex (NASDAQ:MCHX -0.7%) has made changes at the top, "to improve its operational performance and focus on returning the company to profitability."
- CEO Pete Christothoulou has resigned effective immediately, and Executive Chairman Clark Kokich has resigned from the board.
- Director Anne Devereux-Mills is taking over as chairman from Kokich, and the board has created an interim "Office of the CEO" as it searches for a new permanent chief. The Office of the CEO comprises: Former CEO/Chairman Russell Horowitz, currently a company adviser; CFO Michael Arends; Chief Administrative Officer/General Counsel Ethan Caldwell; and Chief Revenue Officer Gary Nafus.
- Marchex also reiterated guidance for Q3 revenue of $30M-plus (in line), and expects EBITDA of -$2.5M to -$3.5M (vs. expected -$2.6M). It has more than $104M in cash on hand as of last Friday.
- Shares are down 38.5% over the past six months.