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StarCite parent The Active Network this week announced that
CEO Matt Landa and chairman David Alberga resigned from their positions,
effective immediately. Former Active COO Jon Belmonte, who left the company in
2011 to become president of private investment firm Cedar Ridge Ventures, has
returned to Active as interim CEO.
According to a statement attributed to Active presiding
board director Bruns Grayson, "the board recognizes the strong long-term
growth potential for Active Network and believes the time is right for new
leadership to prioritize and accelerate the company's strategic and financial
While no further rationale was offered for the departure of
Landa and Alberga, Active in a statement indicated that "the resignations
of Messrs. Landa and Alberga are not related to any disputes with the board or
issues regarding the integrity of the company's financial statements or
accounting policies and practices." The two executives remain on Active's
board of directors, according to the company.
Active has "initiated a search process and will retain
a leading executive search firm to identify a permanent CEO. The search process
will include a full review of internal and external candidates."
Belmonte on Thursday during Active's first-quarter earnings
call said he had "a deep familiarity and understanding of Active's
business," and that he was "prepared to engage quickly and identify
areas to improve Active's operational efficiency, as well as our financial
Belmonte called StarCite, which Active purchased in December
2011, "one of the top priorities I'll work through with the business team,"
before noting that "we had no cross-sell opportunities this quarter,"
referring to customers of StarCite and Active's marketing solutions, "so
we're currently reevaluating the pipeline."
"We continue to focus on building the funnel from a
StarCite perspective and business events overall," said Active CFO Scott
Mendel during the call. "That team is diligently working on building the
funnel to increase the level of cross-selling."
Active reported a first-quarter net loss of $15.2 million as
compared with a $20.3 million loss in the first quarter of 2012, and $106
million in total net revenue, up 12 percent year over year. Adjusted earnings
before interest, taxes, depreciation and amortization was $6.1 million, as
compared with a $3 million loss in adjusted EBITDA in the first three months of
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