UK Leaders Leave Phorm; 3 New Senior Appointments Made

Online ad targeting provider Phorm has announced that UK CEO Hugo Drayton and UK CFO Lynne Millar are leaving the company, while Nan Richards and Andrew Croxson join in senior roles and Nick Barnett is promoted.

The announcement comes three weeks after the departure of four board members citing 'differences of opinion with the CEO as to the management and future direction of the company', and the appointment of Norman Lamont, Britain's Chancellor of the Exchequer from 1990 to 1993. Steven Heyer, David Dorman, Christopher Lawrence and Virasb Vahidi stepped down from the Board and COO Vahidi left the company.

UK 'phone giant BT said earlier this week it 'expects to move towards deployment' of Phorm's software Webwise after completing a successful trial.

Richards joins as Deputy CEO based in London, to work with global CEO Kent Ertugrul to deliver Phorm's operational goals. Richards was previously President of Turner Broadcasting System Europe, and brings experience from 20 years working on Turner broadcast brands including CNN, Cartoon Network and TCM.

Drayton, previously Marketing and New Media Director at The Telegraph Group, will remain an advisor to the company, and comments: 'I am delighted that I will continue to contribute to the dynamic, industry-changing future of Phorm. I am very happy with the progress we've made in recent months with our ISP partners and our advertising and publishing clients.'

Croxson joins as an interim Global CFO, replacing Lynne Millar who has resigned as UK CFO. Croxson leaves technology, media and telecoms specialist Ingenious Consulting, and worked previously as a partner at Spectrum Strategy Consultants. He is an ACA qualified chartered accountant and has a Masters Degree from both Oxford and Cambridge Universities.

Barnett, currently Phorm's UK Commercial Director, is promoted to the newly created role of UK MD, based in London. He was previously VP of Corporate Strategy and Development at Telefonica O2 Europe, after working as a senior manager with McKinsey & Company.

Ertugrul says the three new appointees are 'central to the delivery of our strategic objectives through the next important phase of our development' and adds: 'I thank both Hugo and Lynne for their significant contributions and wish them well in their future endeavours. They have helped lay the foundations for a successful commercial launch in the UK and beyond. I am delighted that Hugo will build on his previous achievements with Phorm as an advisor.'

Looking ahead to 2009, Ertugrul says the firm has 'made significant progress in the development of partnerships and the testing of our technology' and adds: 'I believe that we are now uniquely placed to lead the introduction of privacy-assured behavioural advertising across the whole of the Internet.'

Phorm is a Delaware, US incorporated company, with offices in New York and London and trading on the AIM market of the London Stock Exchange. Web site: www.phorm.com .

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

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