PHRM.L Regulatory News (PHRM)

17 Dec 2008 17:52



Phorm, Inc. ("Phorm" or the "Company")

Management Appointments

Phorm (AIM: PHRM and PHRX), the innovative digital advertising business, today announces three key executive appointments. These changes will strengthen the Company's leadership team through the next important phase of its development. The UK based executive management will ensure the deliverability of the Group's core strategic objective of deploying Phorm's technology both in the UK and internationally whilst managing cash resources in a prudent fashion.

Nan Richards is appointed Deputy Chief Executive Officer based in London. Nan's primary responsibility will be to work with Chief Executive, Kent Ertugrul, to deliver Phorm's operational goals. Nan Richards was previously President of Turner Broadcasting System Europe, a division of Time Warner. She brings with her a wealth of operational and strategic experience having spent 20 years working on Turner's leading broadcast brands including CNN, Cartoon Network and TCM. 

Hugo Drayton, UK Chief Executive, will leave the Company by mutual agreement at the end of 2008, though he will remain an advisor to the Company. Hugo Drayton commented: "My time with Phorm has been exciting and rewarding. Whilst I am looking forward to exploring new challenges in the fast-evolving media world, I am delighted that I will continue to contribute to the dynamic, industry-changing future of Phorm. I am very happy with the progress we've made in recent months with our ISP partners and our advertising and publishing clients. In 2009 we expect that Phorm's Open Internet Exchange (OIX) will be commercially deployed and I am very proud that the team we have established is now fully prepared to deliver on the Company's enormous potential."

Andrew Croxson is appointed Global CFO on an interim basis. Andrew joins from the Technology, Media and Telecommunications (TMT) specialists Ingenious Consulting. Prior to that, Andrew was a partner at Spectrum Strategy Consultants. He is an ACA qualified chartered accountant and has a Masters Degree from both Oxford and Cambridge Universities. As well as Andrew's significant financial knowledge, he also brings deep experience of advising brand leading media and technology companies and strategic insights into building and scaling global operations. He will replace Lynne Millar who has resigned as UK CFO.

Nick Barnett, currently Phorm's UK Commercial Director, is promoted to the newly created role of UK Managing Director based in London. Nick will be responsible for the UK business working with ISPs on the trial and deployment of Phorm's technology as well as overseeing our commercial relationships with advertisers, publishers and ad networks. Before joining Phorm, Nick was VP of Corporate Strategy and Development at Telefonica O2 Europe and prior to that he was a senior manager with McKinsey & Company specialising in the TMT sector.

Kent Ertugrul, Chief Executive of Phorm, commented: "I'd like to welcome Nan, Andrew, and Nick to their new roles. Their appointments are central to the delivery of our strategic objectives through the next important phase of our development.

"I thank both Hugo and Lynne for their significant contributions and wish them well in their future endeavours. They have helped lay the foundations for a successful commercial launch in the UK and beyond. I am delighted that Hugo will build on his previous achievements with Phorm as an advisor.

"We have made significant progress in the development of partnerships and the testing of our technology. I am also pleased that we have completed the trial with BT and look forward to moving to the next stage of development.

"I am confident that we have the right talent at both the Board and executive level to deliver on the huge potential of our technology and the business opportunity that lies ahead. I believe that we are now uniquely placed to lead the introduction of privacy-assured behavioural advertising across the whole of the Internet."

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About Phorm:

Phorm is an innovative technology company specialising in delivering behaviourally and contextually targeted advertising while preserving users' personal privacy and security. Phorm's partners include leading Internet Service Providers (ISPs), Publishers, Ad Networks and Advertisers.

Phorm is a Delaware, US incorporated company, with offices in New York and London. The Company was admitted to the AIM market of the London Stock Exchange in 2004 and has over 100 employees.

For more information, please visit: www.phorm.com http://www.phorm.com