John A. Greco has resigned as president and CEO of the Direct Marketing Association as of Monday, January 18. The organization has not named a replacement.
An interim executive should be in place by next week, DMA senior VP and chief communications officer Sue R. E. Geramian told Direct Newsline.
The details of the search for a permanent candidate have not been revealed yet, although Geramian anticipates that individual being in place within three to five months.
“As we enter into the new decade and are anticipating an economic resurgence, it’s more important than ever to ensure that both traditional and digital multichannel direct marketing is at the forefront of that recovery,” said chairman of the DMA board of directors Eugene Raitt in a statement.
Raitt continued, “Bringing in new leadership to the management team focusing on the areas we intend to grow will be part of that process. The committee will conduct an aggressive search and I’m confident that we will find an exceptionally qualified individual to fulfill the DMA’s vision and goals.”
In the statement, Raitt went on to wish Greco well with future endeavors, but did not specify what those endeavors might be.
Greco’s resignation follows a DMA board meeting held last week. Whether, or to what extent, his employment status was discussed is not clear at deadline.
Greco resigned his position with nearly six months left on his most recent contract extension, which ran through June 30. How much, if any, of the balance of his contract will be paid out was not disclosed.
His resignation follows a tempestuous proxy fight, in which board member Gerry Pike alleged bylaw violations and drew attention to the steady escalation of Greco’s salary during a time when the DMA made substantial personnel cuts.
According to the DMA’s Form 990 which was filed for the year ending June 30, 2008, Greco’s salary was $720,671, with an additional $117,857 in contributions to employee benefit plans and deferred compensation plans. The documents do not indicate what per diems or other considerations Greco receives, if any. A more recent Form 990 from the DMA is not available.
The organization’s financial fortunes have followed those of many companies. During its most recent annual meeting, outgoing treasurer David S. Williams said the DMA racked up $33.6 million in operating expenses for the fiscal year which ended on June 30, 2009, against operating revenue and other gains of $30.8 million – a $2.7 million shortfall.
At the time Williams noted this was on the low end of the operating losses foreseen for the organization at the beginning of the year, when estimates ranged from $2.5 million to $4 million.
Greco joined the DMA in mid-2004. Prior to being named president and CEO, he had co-founded Greco Enterprises LLC, a family holding company which included Greco Associates, a marketing, business development and management services firm, and Greco Development and Construction, a real estate investment and management company.
From 2000 through 2003, he served as president and CEO of the Yellow Pages Integrated Media Association.
Before leading the Yellow Pages Association, he held a variety of positions in R.R. Donnelley & Sons Co., AT&T and RCA.
