The board will begin to look for a permanent CEO to take company co-founder Richard Rosenblatt’s place beginning October 31, when his resignation takes effect. Co-founder Shawn Colo will serve as interim CEO. “I realize that all journeys must ultimately come to an end and want to wish Shawn and the entire team success as they continue to grow the business,” Rosenblatt says. The change isn’t a complete surprise for the Web content company whose properties include Cracked and ehow.com. Its stock is down 44% over the last 12 months as it saw a drop in search engine referrals which it attributed to changes in Google’s algorithm. Rosenblatt may be best known as the exec who helped to build MySpace before he sold it to News Corp for $649M in 2005.
For all of Deadline's headlines, follow us @Deadline on Twitter.
This article was printed from http://www.deadline.com/2013/10/demand-media-ceo-richard-rosenblatt-resigns/