by Luke Jones
Posted 6/27/2013 11:26 am
Updated 10 months ago
Inuvo Inc. CEO Richard Howe said Thursday that his company has nearly completed its transition to Arkansas and hired 23 people here since arriving earlier this year.
"We couldn't be happier with the quality of folks we've brought on," Howe said at the Internet marketing and technology company's annual shareholders' meeting in Conway. He said demand has been strong for jobs at the company.
"We've not had a shortage of resumes," he said. "This is exactly what the state wants: More opportunities for employees."
Inuvo announced in January that it was moving its headquarters to Conway and planning to hire 50 workers over the next four years. Inuvo develops consumer applications to make Internet usage easier and delivers targeted online advertising. Howe is a former executive of Axciom Corp. of Little Rock, which has a campus in Conway.
Inuvo cited expensive office space in New York City as part of the reasons behind its move to Arkansas. Its new headquarters is at at 1111 Main Street in the same building as PrivacyStar, which makes call- and text-blocking apps and whose executives also have histories at Acxiom.
On Thursday, Howe said Inuvo still employs five in New York City and "six or seven" in Florida. The New York employees have moved to a smaller office, Howe said, and the Florida employees are working from home.
Co-founder and investor Charles Morgan, a former Acxiom CEO, told other shareholders and Inuvo executives that he was pleased with the company's progress in moving to Arkansas.
"The leadership team took a complex situation and pulled through," he said. "They're improving results, they've gotten a new business set up, and they've done a bang-up job in my view."
During the meeting's normal business, shareholders re-elected Charles Pope, COO and CFO of The Palm Bank of Tampa, Fla., to its board of directors; and ratified the appointment of Mayer Hoffman McCann P.A. as Inuvo's independent accounting firm.
In May, Inuvo reported a first-quarter loss of $290,000, less than the $1.9 million loss it reported in the same quarter last year.