Demand Media, one of the domain name and social mediaâs largest companies, announced Monday that its board of directors has accepted the resignation of Richard Rosenblatt as CEO, effective 31 October, 2013, and as Chairman, effective immediately.
The board has appointed Shawn Colo as interim President, effective immediately, and as interim CEO, to be effective upon Mr. Rosenblatt’s resignation. James Quandt has been appointed Chairman, effective immediately. The board will begin a search for a permanent CEO shortly.
“I look forward to working closely with our board of directors, executive team, and all of our employees to achieve our strategic goals,” said Mr. Colo in a statement. “Since co-founding the company in 2006, I have been involved in all facets of the business and am more confident than ever in Demand Media’s potential.”
Mr. Quandt stated, “The board is excited to have Shawn expand his responsibilities at Demand Media. Shawn has played a major role in the company’s success and is ideally suited to assume these added responsibilities because of his integral knowledge of all aspects of the business and his strong relationships throughout the industry.”
Demand Media’s 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.”
The company was established in 2006 by a former private equity investor, Colo, and the former chairman of MySpace, Rosenblatt.