Alloy, Inc. last week gave Chief Operating Officer Jim Johnson the additional role of CFO for the teen media, marketing and merchandise company.
The change comes as Alloy moves forward on plans to spin off its merchandise business (including online and storefront retail) from its media and marketing business, which include promo shop AMP Agency (PROMO’s 2004 Agency of the Year) and youth marketing shop 360 Youth. The spin-off is expected to happen by mid-2005.
New York-based Alloy hired Rob Bernard as CEO of its Retail and Direct Consumer division in October to run the merchandise business once it separates from the media/marketing business, which will keep its current management. The companies will be linked by marketing service agreements, but have separate ownership.
Former CFO Sam Gradess stays on at Alloy to handle special projects, including the spin-off. Gradess, one of Alloy’s co-founders with Johnson and CEO Matt Diamond, wanted a lower-profile role; the public company has had a volatile stock history, and earlier this year NASDAQ threatened to de-list Alloy in May because it was late filing documents to the SEC. That issue was resolved in June with no repercussions for Alloy.
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