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ACTIVE shakes up management as Q1 losses ‘narrow’

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ACTIVE Network – the event registration and cloud computing specialist – has made major changes to its senior leadership team ‘as the company continues to focus on strengthening its long-term operational and financial performance.’

Jon Belmonte, a former Chief Media Officer and Chief Operating Officer at the company, has been named interim Chief Executive Officer, effective immediately. He succeeds Matthew Landa, who has resigned as CEO.

In addition, David Alberga has resigned as Executive Chairman of the company and as Chairman of the Board of Directors; again effective immediately. Both Landa and Alberga will remain members of the ACTIVE board; their terms expire at the company’s annual stockholder meetings in 2013 and 2014, respectively.

The departure of Landa and Alberga represents a major shake-up at ACTIVE. Both have been key figures at the company and have worked closely together over the years. The release from ACTIVE announcing the departure of both directors does not specify the reason for their departure.

ACTIVE Network noted that ‘the resignations of Messrs. Landa and Alberga are not related to any disputes with the board or issues regarding the integrity of the company’s financial statements or accounting policies and practices.’

The release continued by stating that ‘The ACTIVE Network Board has initiated a search process and will retain a leading executive search firm to identify a permanent CEO. The search process will include a full review of internal and external candidates.’

In tandem with the departure of Alberga and Landa, ACTIVE also announced ‘strong first quarter 2013 revenue and adjusted EBITDA that was better than previously provided guidance.’ Detailed first quarter 2013 financial results will be announced on 2 May 2013.

ACTIVE today announced selected preliminary results for the first quarter of 2013. First quarter total net revenue increased year-on-year by 12% to US$106 million. The Q1 2013 net loss narrowed year-on-year by 25% to US$15.2 million and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) was US$6.1 million, ‘a record for the first quarter’.

www.activenetwork.com

 

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