Mood Media Corp. (MM.TO,MM.L, FDMCF.PK), a Canadian operator of in-store media and music retail business, Monday announced the appointment of Steven Richards as President and Chief Executive Officer, effective immediately. Richards, who will join the Board, succeeds Lorne Abony, who is stepping down to pursue other opportunities.
The company also announced, after review of various strategic alternatives, its belief that its strategy of focusing management on operations as a standalone company will deliver superior value. In London, Mood Media shares declined around 8 percent.
Regarding the management changes, the company said its Board has elected Philippe von Stauffenberg, non-executive Vice Chairman of the Board since July 2010, as Chairman, also effective immediately. Stauffenberg succeeds Abony, who was also the Chairman of the company.
Abony will remain a director on the Board, but he does not plan to stand for re-election at the company's next Annual General Meeting.
Richards most recently served as President of Mood Media and CEO of Muzak. Prior to his tenure at Mood, he was the CEO of PRC, a Business Process Outsourcing provider. Richards started his career at AT&T, Inc., where he worked in operations and marketing across the organization for over 14 years.
Meanwhile, the new Chairman Stauffenberg is the founder of Solidus, a private investment vehicle. During 2005, he laid the foundations for the Mood Media transaction, where he led the financing and consolidation of the three European in-site media companies. He served as Executive Chairman until July 2010 when the business was sold to Fluid Music, which then became Mood Media.
Commenting on Abony, Von Stauffenberg said, "At the time of its IPO in 2008, Fluid Music, Mood Media's predecessor, had fewer than 30 employees and approximately $4 million in revenue. Under Lorne's direction, the Company has executed several strategic acquisitions and created a global brand committed to delivering the best solutions across all aspects of the value chain. The Company has grown to 2,100 employees with pro forma revenue of more than $540 million in 2012."
Further, the company said that it has completed its previously announced strategic review, under which the Board had analyzed a wide range of potential operational, financial and strategic alternatives, including, among other potential options, a sale of the company.
The company said its Board has now determined that the continued execution of the company's current business strategy is in the best interests of the company and its shareholders.
von Stauffenberg added, " We are undertaking several initiatives designed to improve our execution and push innovation across our portfolio of world-class products and solutions, in both the short- and long-term. We are enthusiastic about the opportunities ahead."
In London, Mood Media shares declined around 3.50 pence or 8.43 percent to 38 pence.
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