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Marchex CEO, chairman depart in management shakeup

Marchex Inc. on Oct. 3 announced changes at thetop as CEO Pete Christothoulou and board Chairman Clark Kokich both resignedfrom the company amid disappointing earnings.

To support the search for a new chief executive, the mobileadvertising analytics company created an Interim Office of the CEO, which willbe led by Anne Devereux-Mills, a Marchex boardmember since October 2006. She also assumed responsibilitiesas the chairman of the board. Other members of the Interim Office of the CEOinclude Russell Horowitz, former CEO and chairman and current consultant to thecompany; CFO Michael Arends; Chief Administrative Officer and General CounselEthan Caldwell; and Chief Revenue Officer Gary Nafus.

"As we begin the process of looking for a new CEO, weare reaffirming our commitment to our customers and our opportunity, whilefocusing on returning Marchexto a profitable, cash-generating company as soon as possible."

In its second-quarter results, the company a net loss of $68.8million, or $1.65 per share, compared to net income of $20.8 million, or 50cents per share, in the year-earlier quarter. Roth Capital Partners estimatedthe company would post a loss per share of 6 cents in the second quarter,according to S&P Global Market Intelligence.

The company's second-quarter revenue declined to $34.4million, down from $35.3 million a year ago.

For the third quarter, the company continues to expectrevenue of $30 million or more. For third-quarter adjusted OIBA, Marchex nowexpects a range of a loss of $3.5 million to $4.5 million including adjustmentsrelated to personnel matters for the third quarter. For adjusted EBITDA, thecompany now expects a range of a loss of $2.5 million to $3.5 million.