Top Trio Leaves Behavioural Ad Network Phorm

Three of the more senior executive board members at controversial ad company Phorm have announced their intention to resign from the firm within 24 hours.

Hugo Drayton, UK chief executive, will depart at the end of December after mutually agreeing that it was time to leave; he will remain as an advisor to Phorm.

The UK CEO title - which has been filled by ex-Time Warner executive, Nan Richards - has been replaced by a deputy CEO which will report directly to Phorm's CEO.

UK CFO Lynne Millar has also resigned as did general legal counsel David Pester; the announcements caused the shares to dip by 3 percent to £283.75.

Earlier this month, four other senior staff - Steven Heyer, David Dorman, Christopher Lawrence and Virasb Vahidi - left over significant disagreements with CEO Kent Ertugrul about the future strategy of the company.

Phorm is relying on its Open Internet Exchange (OIX) technology to bring in much needed revenues and BT has already announced that it will be rolling out in 2009 and will likely be followed by Virgin Media and Talktalk.

Go To Page 2 for our comments and more related links

Our Comments

The Phorm saga in 2009 promises to be quite interesting. With revenues dipping significantly, ISPs and content providers will be lured towards solutions like Webwise which will not only bring in more revenue but also provide with an added value (e.g. Webwise is presented as an anti-fraud feature).

Related Links

Phorm appoints Nan Richards deputy CEO

(Sharecast)

Phorm’s Revolving Door: UK CEO, CFO, General Counsel Follow Board On Way Out

(Paid Content)

More execs quit Phorm

(The Register)

Chief executive Drayton departs Phorm

(Brand Republic)

What's going on at Phorm?

(Guardian)

Hugo Drayton to step down as Phorm UK chief executive

(Guardian)

Phorm Financial Data

(Google Finance)