Dean Blythe, president and CEO of Harte-Hanks Inc., will leave the company to pursue other professional opportunities effective Dec. 31. Blythe will be succeeded by chairman of the board Larry Franklin.
Franklin will assume both the president and CEO titles on Jan. 1. Franklin has been a director of Harte-Hanks since 1974. He also served as the company’s CEO from 1991 until 2002, and was its executive chairman through 2005
Blythe joined Harte-Hanks in 2001 as the company’s general counsel. He became its CFO in 2003, and was promoted to president in 2007. Blythe took on the additional role of CEO earlier this year. He has also served as a director since May.
As part of the separation agreement, Blythe will receive four quarterly payments during 2009 which total $518,000.
“During Dean’s tenure at Harte-Hanks, he has made significant contributions in each of the positions he has held,” Franlin said in a statement. “Most recently, he has played a critical role in leading our company to address the challenges we face during this dynamic and volatile period in the global economic environment. We wish Dean the very best in his future endeavors.”
Harte-Hanks’ revenue has fluctuated during the last few years. The shopper advertising and marketing services firm’s revenue was $1.13 billion during 2005, $1.18 billion in 2006 and $1.16 billion in 2007. But its net income steadily dropped during those three years, from $114.5 million in 2005 to $111.8 million in 2006 and $92.4 million in 2007.
During the first nine months of 2008, the company generated $813.2 million, down from $859.9 million during the first three quarters of 2007. Its net income dropped from $65.1 million to $48.4 million during the same period. Much of its revenue falloff was attributed to declines in its shopper segment – direct marketing activity showed modest growth, according to the company’s financial filings.
Network
