Tom Detmer has stepped down as president/COO of online advertising company 24/7 Media Inc. and will resume his position as general manager of the company’s e-mail service business, Exactis, according to Reuters.
The move comes less than a week after New York-based 24/7 Media said its fourth quarter loss widened sharply and warned of slower growth in coming quarters amid a weak advertising market and slowing economy.
Specifically, the company reported a loss of $677.1 million, including charges for a steep decline in the value of some investments and other items, up from a loss of nearly $13 million a year-ago. Fourth-quarter revenues of $38.6 million, were down from the previous quarter and nearly flat from a year-ago.
CEO David Moore will assume Detmer’s responsibilities until it names a permanent replacement. 24/7 Media reportedly is still looking for financing to help it reach break-even targets.
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