TheStreet’s CEO quits
14 Mar 2009
Online financial media company, TheStreet.com, announced today that CEO Thomas J Clarke, Jr. would leave the company. Daryl Otte, a member of TheStreet.com's board of directors since 2001, will serve as interim CEO until a permanent replacement is named, the company said in a release. He has previously served as the chairman of the company's audit committee.
TheStreet.com began originally as one web site, but has since expanded to include fourteen consumer services, many offered only through subscription. TheStreet.com recently purchased a 13-per cent stake in Geezeo.com, the Boston-based online management tool, with an option to purchase the company.
Clarke has been the CEO and a director for the past 10 years. Jim Cramer, chairman and cofounder of TheStreet.com, said in the release, "I want to thank Tom for his long-time service to the company and wish him the best of luck in his future endeavors."
Otte is a founding partner of venture capital investment fund management firm Montefiore Partners. Prior to founding Montefiore Partners in 2000, Otte was senior vice president and member of the executive committee of Ziff-Davis.
During his service at Ziff-Davis, Otte initiated and managed acquisitions and development projects and venture investments, including some of the early commercialisation efforts of the internet.
A committee of TheStreet.com's board members, led by Otte, has begun a search for a new CEO, the company said.
