WebMD top management steps down
(Reuters) - WebMD Health Corp said Chief Executive Cavan Redmond, appointed last June, will be leaving as the health information provider reported a narrower quarterly loss.
Shares of the company were up about 10 percent at $27.94 in after-hours trading. They closed at $25.51 on the Nasdaq.
The company said its senior vice president of strategic and corporate development, David Schlanger, will serve as interim CEO.
WebMD, which operates medical websites providing health and disease related information, also said Anthony Vuolo will be replaced as chief financial officer by Peter Anevski, currently a senior vice-president of finance.
"The change announced today will best position us to build on the momentum that our senior management team has created to date," WebMD Chairman Martin Wygod said in a statement.
The popular website has struggled with a fall in advertising by budget-slashing pharmaceutical companies.
WebMD's first-quarter net loss narrowed by about 80 percent to $1.5 million, or 3 cents per share, from a loss of $7.8 million, or 14 cents per share, a year earlier.
Public portal advertising and sponsorship which makes up most of its revenue stream rose 6 percent to $93 million, while overall revenue rose 5 percent to $112.8 million.
(This version of the story corrects paragraph 8 to show that the total revenue figure was $112.8 million, not $112.7 million)
(Reporting By Pallavi Ail in Bangalore; Editing by Anthony Kurian)
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