* James Zarley to replace Tom Vadnais as CEO
* Sees Q1 rev at mid point of prior forecast
* Shares down 6 pct after market
(Adds details; updates share movement)
April 9 Online advertising firm ValueClick Inc
VCLK.O said Chief Executive Tom Vadnais was stepping down and
will be replaced by predecessor and Executive Chairman James
Zarley, effective immediately.
Zarley, an angel investor in ValueClick, served as its
chairman and CEO from 1999 -- a year after its founding -- to
Vadnais took over as CEO from Zarley in May 2007. Since
then, ValueClick shares have lost about two-thirds of their
Zarley will be succeeded by director Martin Hart as
executive chairman, the company said in a statement.
Vadnais, who is retiring, will act as a consultant to
Zarley for the remainder of 2010, the company said.
The company also announced that it now expects
first-quarter revenue at the mid-point of its prior forecast of
$93 million to $97 million.
Analysts on average were expecting revenue of $97.9
million, according to Thomson Reuters I/B/E/S.
ValueClick, which owns brands such as Commission Junction,
Smarter.com, CouponMountain.com and PriceRunner, expects
adjusted EBITDA to be at or slightly above the high-end of the
previous outlook of $24 million to $26 million.
Shares of the Westlake Village, California-based company
were down 6 percent in after-hours trading, after closing at
$10.05 Friday on Nasdaq.
(Reporting by Gowri Jayakumar in Bangalore; Editing by
Unnikrishnan Nair, Anthony Kurian)