United Online Names New CEOThursday, October 3, 2013
United Online Inc. announced on Thursday that Francis Lobo would become president and chief executive of the company next month.
The personnel move comes two days after United Online, a Woodland Hills internet services provider, received regulatory approval for the spin-off of FTD Companies Inc.
Lobo comes over from AOL Inc., where he most recently served as president of AOL Services. He will take over from Mark Goldston, who has been with United Online and its predecessor company for 14 years. Goldston had announced his intent to depart once the FTD spin-off was completed.
FTD will operate as an independent floral and gifts products company, while United Online will continue to operate its Internet service provider and social media businesses. FTD President Robert Apatoff will become chief executive of the spinoff.
United Online also said it plans to appoint Howard Phanstiel as its non-executive chairman of the board. He currently serves as chairman of the audit committee and has been a director at the firm since 2008.
Under the all-stock deal, United Online shareholders will receive one share of FTD common stock for every five shares of United Online common stock they hold. United Online acquired FTD in August 2008 in a deal valued at $441 million.
Shares of United Online lost 25 cents, or more than 3 percent, to close at $7.98 on the Nasdaq.