MyPoints.com Taps Ex-Cendant Exec as CEO
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Incentive marketer MyPoints.com brought in an offline direct marketer to fill its top post Wednesday, naming John Fullmer as chairman and chief executive officer.
Fullmer most recently founded venture capital firm eCOM Partners. But prior to that, he served as executive vice president and chief marketing officer at offline direct marketing and membership services giant Cendant -- and that's the experience that San Francisco-based MyPoints.com is aiming to tap. Fullmer also served as co-chief executive officer of Cendant's alliance marketing division.
Fullmer has more than 30 years of direct marketing and membership-program experience, including 18 years with CUC International -- which became Cendant in 1997 -- and 12 years with R.L. Polk, a Detroit-based direct response firm.
"We are delighted with John's appointment," said Nat Goldhaber, vice chairman at MyPoints.com and head of the executive search committee. "John has demonstrated not only incredible leadership talent but is also a seasoned operator of large companies and one of the most respected innovators in the marketing services arena. We are pleased that we were able to find all three of these equally essential qualities in one candidate."
Fuller's appointment comes as the firm is attempting to weather a series of management changes, following the abrupt resignation of founder Steve Markowitz in November.
Markowitz, who previously held the titles of chairman and CEO, stepped down following MyPoints.com's third quarter, in which it delivered on reduced earnings guidance and suffered persistent problems integrating an acquired company. Markowitz remains on the board of directors.
At the time of Markowitz' departure, Layton Han, former senior vice president of corporate and business development, also assumed the position of president.
A day after the company's stock set a new 52-week low of $1.125 in December, the company's chief operating officer, Chaz Berman, also announced his resignation. Han also had to step up to fill that role.
The management troubles come at a time in which the company is slashing costs in an effort to reach profitability. MyPoints said in October that it would axe about 120 positions, or about 29 percent of its work force, in conjunction with the acquisition and streamlining efforts. The company said this should cuts costs by about $8 million.
Now, with Fullmer at the helm, the company will focus on beefing up the offer-delivery portion of MyPoints's business -- which sends discounts and special promotions to MyPoints's members.
"I admire the substantial accomplishments MyPoints.com has made in such a short time," said Fullmer. "As advertisers scrutinize more closely where to spend their marketing dollars, I am confident that the targeted direct marketing services offered by MyPoints.com will grow to become a core part of their online strategies."