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Norman Lamont Joins Phorm Board
Controversial Internet ad targeting company Phorm has announced several changes in the composition of its Board, including the appointment of Norman Lamont, Britain's Chancellor of the Exchequer from 1990 to 1993. Three others join the board; four people leave citing differences of opinion with the CEO.
Also joining as NEDs (Non-Executive Directors) are Kip Meek, currently Chairman of the Broadband Stakeholders Group and of Ingenious Consulting Network, and a recent Executive Board member of Ofcom; Stefan Allesch-Taylor, Chief Executive of investment bank Fairfax; and Stephen Partridge-Hicks, co-founder and MD of FSA regulated investment management company Gordian Knot.
Steven Heyer, David Dorman, Christopher Lawrence and Virasb Vahidi will step down from the Board with immediate effect, and COO Vahidi will leave the company with immediate effect. All four are said to have taken this action 'as a result of differences with CEO Kent Ertugrul as to the management and future direction of the Company'.
Ertugrul nevertheless thanked the four for 'the important contributions they have made to Phorm's development' adding: 'Their skills, experience and contacts have been immensely valuable and have been instrumental in the great strides we have made in developing the Company's strategy and building relationships with ISPs, advertisers and publishers.' He welcomed the four new arrivals who he said 'bring extensive experience on government, business, regulatory matters and financial markets', appropriate for the next phase of the company's development.
AIM-listed Phorm has hit the headlines recently over consumer privacy issues, with Orange last month pulling out of plans to use its behavioural targeting software, and BT facing a lawsuit earlier in the year after trialling its service without customers' permission. In September the UK Department for Business, Enterprise & Regulatory Reform (BERR) said the system does not break EU data protection laws so long as users are given an easy option to opt-out.
The firm is a Delaware corporation with offices in New York, London and Moscow, and works with Internet Service Providers (ISPs), Publishers, Ad Networks and Advertisers. Web site: www.phorm.com .
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