Acxiom CEO Resigns Under a Cloud

In the US, John Meyer has resigned his post as CEO of marketing technology and services giant Acxiom, and been replaced by director Jerry Gramaglia on an interim basis until a new recruit can be found. CFO Christopher Wolf has also resigned 'for personal reasons'.

While no reason was given for Meyer's resignation, Chairman Michael Durham commented: 'We've accomplished a great deal under John's leadership. However, with the expanded importance of digital media, we are entering a new phase in Acxiom's evolution, and the Board intends to find a new CEO who is an industry thought leader and who will move aggressively to accelerate Acxiom's growth.'

Acxiom combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies. Last year, the firm acquired a controlling stake in GoDigital, a data quality and marketing company based in Sao Paulo and Porto Alegre, Brazil.

According to an SEC filing, Meyer - who joined Acxiom in 2008 - will stay on as a consultant working up to 25 hours a week until a new CEO is appointed. Meyer and the firm have agreed not to make any disparaging or derogatory remarks about each other to the media or clients for at least 18 months.

Today, the company also announced that it expects to record a fourth quarter impairment charge of $50-$90 million in connection with a write-down resulting from the recent performance of its international operations. The goodwill associated with the international components, as of December 31 2010, was approximately $130m.

Acxiom stock fell 25% to $13.09 in morning trading, following the announcements. Law firm Bernstein Liebhard LLP has announced that it is investigating whether 'wrongdoing' occurred at Acxiom, including whether the company made false statements to the investing public.

Web site: www.acxiom.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.