IT services company Acxiom Corp. (ACXM) said Wednesday that its Chief Executive Officer and President John Meyer has resigned from the company, while Chief Financial Officer Christopher Wolf has informed of his intention to resign in the second quarter of 2011, citing personal reasons.
Little Rock, Arkansas-based Acxiom also said it expects to record an impairment charge in the fourth quarter, and forecast adjusted earnings per share for the fourth quarter as well as fiscal year 2011 below analysts' consensus estimates.
Commenting on Meyer's resignation, Michael Durham, Acxiom's chairman said, "We've accomplished a great deal under John's leadership, and we are very grateful for his contributions to Acxiom during a critical time in the company's history."
Durham added, "However, with the expanded importance of digital media, we are entering a new phase in Acxiom's evolution. The Board intends to find a new CEO who is an exceptional executive and also is an industry thought leader who will move aggressively to accelerate Acxiom's growth."
Acxiom has appointed Jerry Gramaglia, a member of the Board, to serve as interim CEO while the board conducts a search for a permanent replacement. Gramaglia will continue as a member of the board, but will relinquish his Compensation and Governance/ Nominating Committee memberships during his tenure as interim CEO.
The company said that CFO Wolf cited personal reasons for this resignation, including his desire to stop commuting to Little Rock from his home in Florida and to spend more time with his family. However, Wolf has agreed to remain with the company for an undetermined period of time in order to assist in the transition of the company's financial reporting function. The company said it will consider internal and external candidates for a replacement CFO.
Acxiom expects to record a non-cash impairment charge in the fourth quarter in connection with a write-down of the carrying value of goodwill and other long-lived assets associated with its international operations. The company said it expects to include the actual amount of the impairment charge when it announces its fourth quarter and fiscal year 2011 financial results.
For the fourth quarter, the company forecasts loss per share in a range of $1.03 to $0.49. Excluding unusual items, the company expects earnings per share in a range of $0.18 to $0.22. On average, five analysts polled by Thomson Reuters expect the company to report earnings of $0.24 per share for the quarter. Analysts estimates typically exclude special items.
For fiscal year 2011, Acxiom forecasts earnings in a range of loss of $0.49 per share to profit of $0.05 per share. Excluding unusual items, the company projects earnings per share in a range of $0.65 to $0.69 per share. Analysts expect the company to earn $0.72 per share for the year.
The company estimates revenues for the fourth quarter in a range of $295 million to $299 million, and for fiscal year 2011 in a range of $1.156 billion to $1.160 billion. Analysts have a consensus revenue estimate of $303.23 million for the fourth quarter and $1.16 billion for the full year.
ACXM closed Tuesday's regular trading session at $17.46, up $0.21 on a volume of 0.27 million shares.
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