The resignation of CEO is effective October 31, 2013, and as Chairman is effective immediately
The board has appointed Shawn Colo as interim President, effective immediately, and as interim CEO, to be effective upon Mr. Rosenblatts resignation.
James Quandt has been appointed Chairman, effective immediately.
The board will begin a search for a permanent CEO shortly.
Demand Medias board also confirmed its commitment to pursue its previously announced spin-off plan which was disclosed in February 2013, although the company is evaluating the timing for completing the separation.
Mr. Rosenblatt stated, I want to thank everyone that helped to make Demand Media a leading content creation and media company. It has been a great honor to work with our investors, board and brilliant team over the past 7 years. I realize that all journeys must ultimately come to an end and want to wish Shawn and the entire team success as they continue to grow the business.
Share of Demand Media, Inc. which closed at $5,85 today are not trading after hours at the moment.
Demand Media, Inc. is an applicant for 25 new gTLD’s and owns Enom.com the 2nd largest domain registrar in the world.
Demand is also partnered with Donuts on 107 new gTLD applications and will be operating the backend of all of Donuts new gTLD extensions that they wind up with.
Donuts applied for 307, but have already withdrawn several after private auctions.