– USA, CA – Leaf Group Ltd. (NYSE:LEAF), a diversified consumer internet company, today announced Leaf Group also today announced that it has appointed Lanny Baker, current Yelp Chief Financial Officer, to the company’s Board of Directors, effective immediately. Mr. Baker is a seasoned veteran of consumer Internet businesses.
“We are very pleased to welcome Lanny to the Board,” said Mr. Moriarty. “His extensive experience in leading and advising consumer-focused digital platforms, combined with his considerable financial, operational and management skills, makes him an invaluable addition as we evaluate the opportunities in front of us and continue to build enduring, creator-driven brands.”
As Chief Financial Officer of Yelp, Mr. Baker oversees the corporate finance, accounting, investor relations and real estate functions for one of the most successful and ubiquitous digital businesses. Mr. Baker served on the board and chaired the Audit and Nominating and Corporate Governance Committees of XO Group, Inc., a life stage consumer Internet and media company, from November 2005 to December 2018, when it was acquired by WeddingWire, Inc. He also served as a director and chairman of the Audit Committee of HomeAway, Inc., an online vacation rental company, from 2011 to December 2015, when it was acquired by Expedia, Inc. Prior to Yelp, Mr. Baker served in various leadership roles for ZipRealty, an online real estate brokerage and technology company, including as Chief Executive Officer and Chief Financial Officer.
Mr. Baker will serve as a Class I director and will be up for election at the company’s 2020 Annual Meeting of shareholders.
Leaf Group also announced that it will commence a comprehensive review of its strategic alternatives, including a potential sale of the company. This process is part of the ongoing effort by Leaf Group’s Board of Directors to maximize shareholder value.
“We have made significant changes across the company over the past few years, streamlining our business, focusing on our strengths, optimizing our operations and driving much improved financial performance,” said Sean Moriarty, Chief Executive Officer of Leaf Group. “We have made great strides in returning the company to top line growth and we recently achieved quarterly adjusted EBITDA profitability a quarter ahead of schedule. In connection with the 2019 Annual Meeting, we have engaged in active discussions with our shareholders and accordingly are commencing a process to explore strategic alternatives. All options are on the table and the Board is committed to taking whatever steps are necessary to maximize shareholder value.”
The review will be led by Leaf Group’s Board of Directors, with outside assistance from GCA as financial advisor and Goodwin Procter LLP as legal counsel.
About Leaf Group
Leaf Group Ltd. is a diversified consumer internet company that builds enduring, creator-driven brands that reach passionate audiences in large and growing lifestyle categories, including fitness and wellness, and art and design.
For more information : http://www.leafgroup.com
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