UPDATE: Acxiom CEO John Meyer Resigns; CFO Chris Wolf to Leave Company

by Arkansas Business Staff  on Wednesday, Mar. 30, 2011 6:49 am  

John Meyer

The resignation Monday of John A. Meyer as CEO and president of Acxiom Corp. of Little Rock coincides with a non-cash impairment that will likely result in write-downs of $50 million to $90 million and the divestiture of Acxiom's operations in Portugal and the Netherlands, company leaders said in a conference call.

Revenue growth projections were revised downward, to between 2 and 4 percent for the quarter and 5 to 6 percent for the year, said CFO Chris Wolf, who also announced today he would depart the company.

While Meyer's resignation - which was not announced until Wednesday morning - was immediate, Wolf will stay with the company for a few more weeks, and will assist with the search for a CEO to replace Meyer.

In its CEO search, Acxiom will be "looking for a thought leader as the industry emerges to combine off- and online marketing and data services," Wolf said.

The company "needs someone with a deep understanding of where the market is today and where it's going to go," Wolf said.

In a news release, the publicly traded company said Meyer's resignation was effective March 28. Wolf, meanwhile, has told the company's board that he intends to resign in the second calendar quarter of 2011.

Acxiom said its board of directors has appointed Jerry D. Gramaglia, a board member, to be interim CEO while the board conducts a search for a permanent replacement. 

In its CEO search, Acxiom will be "looking for a thought leader as the industry emerges to combine off- and online marketing and data services," Wolf said in the conference call with analysts and reporters. The company "needs someone with a deep understanding of where the market is today and where it's going to go," Wolf said.

Meyer did not participate in the conference call, although a "transition agreement" filed with the Securities & Exchange Commission said he would be available to work up to 250 hours at $500 an hour to help with the transition to new leadership.

The company did not give a reason for Meyer's resignation. It said Wolf would resign "for personal reasons."

"In particular, Mr. Wolf indicated his desire to stop commuting to Little Rock from his home in Florida and to spend more time with his family," the company news release said.

Wolf was hired as CFO in May 2007, when Acxiom was anticipating acquisition by private equity investors. That plan fell through later that year, and the CEO who had led Acxiom for three decades, Charles Morgan, retired. 

 

 

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