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More execs quit Phorm

CFO and UK CEO out

Internet Security Threat Report 2014

When half of Phorm's board quit earlier this month, it was spun as a strategy disagreement between the US and UK operations. But now the firm's London-based UK chief executive has quit too, along with its chief beancounter.

UK CEO Hugo Drayton will leave Phorm "by mutual agreement" at the end of this year and continue to act as an advisor, the firm told investors this morning. He was notable prior to joining Phorm for launching the "Electronic Telegraph" at Telegraph Media Group during the 1990s.

Giving his departing quote, Drayton said: "Whilst I am looking forward to exploring new challenges in the fast-evolving media world, I am delighted that I will continue to contribute to the dynamic, industry-changing future of Phorm."

Drayton's "UK CEO" title has been replaced with a "deputy CEO" role, reporting to global Phorm CEO Kent Ertugrul. The new job has been taken by Nan Richards, a former Time Warner executive.

Also off today is Lynne Millar, who has resigned as Phorm's chief financial officer. She gave no gushing farewell quote. Millar has been replaced "on an interim basis" by Andrew Croxson, a telecoms consultant.

As we've noted before, Phorm's most immediate problems are lack of revenue and rapidly dwindling cash reserves. Ertugrul said: "I am confident that we have the right talent at both the board and executive level to deliver on the huge potential of our technology and the business opportunity that lies ahead.

"I believe that we are now uniquely placed to lead the introduction of privacy-assured behavioural advertising across the whole of the internet."

BT's third trial of Phorm's system ended on December 10. It said it plans to proceed to a full rollout across its retail broadband network next year. ®

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