Tom Detmer Named 24/7 Media President
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24/7 Media this morning announced that Tom Detmer is taking the role of president and chief operating officer at the online advertising company, nudging chief executive officer David Moore out of the president role and adding another executive to the company's top ranks.
The move signals the company's desire to bolster the strength of its management team, acknowledging the rough waters the industry is sailing through at the moment, and indicating the company's increased focus on profitability. In addition, the appointment is likely aimed at adding to 24/7 Media's management expertise at a time when companies like itself -- DoubleClick, Engage, and L90 -- are becoming ever more complex as they seek to become one-stop-shops for advertisers.
"24/7 Media has grown exponentially over the past year and has become one of the largest global competitors in the interactive marketing and technology industry," said Detmer. "Helping 24/7 Media realize profitability and increased shareholder value in 2001 is our challenge and my primary objective."
Detmer was promoted from his post as president of its technology solutions division, having joined 24/7 Media after the June acquisition of Exactis.com for $490 million in stock. Detmer had been president and CEO of the e-mail marketing outsourcer.
24/7 Media is set to report third quarter results on November 8. In early morning trading, the stock was trading at $5.31, unchanged on the day. Like competitor DoubleClick, 24/7 Media has seen its stock on a steady slide since April, dropping to its current level from a 52-week high of $64.25.