ReachLocal Chief Executive ResignsTuesday, September 3, 2013
Online marketing firm ReachLocal Inc. announced Tuesday that Zorik Gordon has resigned as chief executive and board member. Chairman David Carlick will serve as interim CEO while the board searches for a new chief.
Gordon is a co-founder of the Woodland Hills company and has led it since its inception in 2003. A statement from the company said he is leaving to pursue other entrepreneurial opportunities.
"I am extremely proud of the company we have built over the last 10 years," Gordon said in a statement. "We have grown from a small one room start-up to a global company with more than 20,000 customers and a run-rate of over $500 million in annual revenue."
Gordon and Carlick were not available for comment.
In a statement, Carlick expressed his gratitude for Gordon's years leading ReachLocal.
"ReachLocal will continue to invest in growth and product innovation, and we are confident that the company remains well-positioned for future growth and success," he added.
ReachLocal provides advertising, marketing and e-commerce tools to small businesses. The company reported last month a second quarter net loss of $141,000, compared with a net income of $332,000 for the same period last year. Quarterly revenue rose 13 percent to $127 million.
The company on Tuesday also reaffirmed its guidance for the third quarter and full year.
Company shares were trading down about 20 cents, or more than 1 percent, to hover around $10.80 during midday trading.