– CANADA, ON – Mood Media Corporation (TSX: MM) (LSE AIM: MM) today announced that its Board of Directors has appointed Steven K. Richards President and Chief Executive Officer effective immediately. In addition, Mr. Richards will be joining the Board. Philippe von Stauffenberg, non-executive Vice Chairman of the Board since July 2010, has been elected Chairman, also effective immediately. Chairman and CEO Lorne Abony is stepping down from both positions to pursue other opportunities. Mr. Abony, who will remain a director on the Board, does not plan to stand for re-election at the Company’s next Annual General Meeting.
“Steve has a proven track record of leading teams to success by achieving growth and profitability to create value for all stakeholders,” said Mr. von Stauffenberg. “With nearly 30 years of operational and management expertise, Steve’s experience will be invaluable as the Company continues to optimize operations and execute its growth strategy. As the former President of Mood Media, North America, he brings intimate, first-hand knowledge of both our Company and our industry, which he intends to use to maximize Mood’s valuable asset portfolio and deliver shareholder value. We are confident that Steve’s dynamic skill set and experience make him ideally suited to lead Mood Media into its next phase of growth.
“At the same time, on behalf of the entire Board, I want to express our appreciation for Lorne’s many contributions,” continued Mr. von Stauffenberg. “At the time of its IPO in 2008, Fluid Music, Mood Media’s predecessor, had fewer than 30 employees and approximately $4 million in revenue. Under Lorne’s direction, the Company has executed several strategic acquisitions and created a global brand committed to delivering the best solutions across all aspects of the value chain. The Company has grown to 2,100 employees with pro forma revenue of more than $540 million in 2012. Lorne has been a creative, energetic and dedicated leader and we wish him all the best in his future endeavors.”
Mr. Richards said, “I am elated to succeed Lorne at this moment of great opportunity for the Company. I look forward to working closely with the Board, the senior leadership team, and all of our talented, hard-working associates and partners. The Board and I are enthusiastic about Mood Media’s future and I am confident that we have a strong foundation upon which to write the next growth chapter for the Company.”
Mood Media also announced today that it has completed its previously announced strategic review. Together with its legal and financial advisors, the Board and senior management analyzed a wide range of potential operational, financial and strategic alternatives, including, among other potential options, a sale of the company, divestitures, and capital allocation policies. Following this comprehensive process, the Board determined that the continued execution of the Company’s current business strategy is in the best interests of the Company and its shareholders.
“The Board and management team are committed to driving shareholder value,” said Mr. von Stauffenberg. “After careful review of a variety of strategic alternatives, we believe our strategy of focusing management on operations as a standalone company will deliver superior value compared to the various opportunities we explored. Substantive changes are already underway at Mood Media. We are undertaking several initiatives designed to improve our execution and push innovation across our portfolio of world-class products and solutions, in both the short- and long-term. We are enthusiastic about the opportunities ahead.”
About Steve Richards
Steve Richards is a senior executive with 29 years of extensive turnaround experience in the Consumer/Business Services, Media, Technology, Communications and Business Process Outsourcing (BPO) industries. Mr. Richards has successfully grown entities in diverse cultural environments from Fortune 100 “Large Caps” to second tier, challenger firms. His demonstrated achievements include creating value in mid- to large-size entities and executing swift turnarounds that enabled the successful sales of four Private Equity/investor owned companies.
Most recently he served as President of Mood Media and CEO of Muzak, where the Company established its clear position as the world leader for delivering integrated in-store music, digital signage, advertising messaging and scent solutions, to 1000+ Global brands, in 470,000 client sites, reaching 150 million people daily. Prior to his tenure at Mood, Steve was the CEO of PRC, a Top-Ten, Global Business Process Outsourcing provider, delivering award winning, outsourced Customer solutions for Fortune 500 clients. From 2005 to 2008, Mr. Richards served as President of Transworld Systems, where he led a major business expansion, delivering record revenues and earnings for the firm. Before joining Transworld Systems, Mr. Richards spent nearly four years serving as Chief Operating Officer, Chief Marketing Officer and Executive Vice President of Operations for RMH Teleservices, the fifth largest outsourced call center provider in North America. Mr. Richards started his career at AT&T, Inc., where he worked in operations and marketing across the organization for over 14 years. He holds a Bachelor of Science degree in Business from Penn State and has completed executive education programs at Penn State, Duke University and the University of Virginia.
About Philippe von Stauffenberg
Philippe von Stauffenberg is the founder of Solidus, a private investment vehicle that enhances value by strengthening existing management teams with Solidus personnel taking roles such as Executive Chairman, Interim CEO, Chief Restructuring Officer, CFO, etc. The partnership specializes in Business to Business service companies, and its partners have been involved operationally in investments like Heitmann Translation Services, Eurotax Glass’, Green Building Group, Media Capital, Klassik Radio, etc. Investment strategies are predominantly “Transformations”, which are underperforming companies that undergo a significant operational change.
Between 2004 and 2010 Philippe led two transactions in the media industry, investing in the German Klassik Radio franchise and developing the business to become the pre-eminent listed German Radio franchise. During 2005, Philippe also laid the foundations for the Mood Media transaction, where he led the financing and consolidation of the three European in-site media companies. He served as Executive Chairman until July 2010 when the business was sold to Fluid Music, which then became Mood Media Corporation. Philippe serves Klassik Radio as Vice Chairman and two environmental German companies as Chairman. Philippe was born in France and raised all over the world due to his parents being diplomats. Philippe speaks German, English, Spanish and French fluently. He is married with 4 children. Philippe holds a BA and MA in history from Harvard and earned a MBA from the Harvard Business School.
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM), is one of the world’s largest designers of in-store consumer experiences, including audio, visual, interactive, scent, voice and advertising solutions. Mood Media’s solutions reach over 150 million consumers each day through more than half a million subscriber locations in over 40 countries throughout North America, Europe, Asia and Australia.
Mood Media Corporation’s client base includes more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining. Our marketing platforms include 77% of the top 100 retailers in the United States and 100% of the top 50 quick-serve and fast-casual restaurant companies.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.