Modem Media (Nasdaq: MMPT) rose 1 to 4.56 Tuesday after the company announced a new chief executive officerand a contract with Philips NV.
Marc C. Particelli joined the Norwalk, Connecticut-based Internet consultingand services company as CEO. Company founder G.M. O’Connell, who had been serving as CEO, will remain chairman, and Robert Allen will continue as presidentand chief operating officer, Modem Media said.
Particelli, until recently a partner and managing director of Oak HillCapital Partners LP, a US$1.6 billion private equity partnership, was formerlya senior partner at Booz Allen and a partner at hedge fund Odyssey Partners.
O’Connell called Particelli “a seasoned strategic consultant and businessmanager who has demonstrated an ability to succeed in an environment asdynamic as ours.”
“This organizational change will allow me to return to what I enjoy most,working on specific client challenges, constantly advancing our work productand providing leadership for Modem’s brand in the industry,” O’Connell said.”In turn, Marc will be able to focus on the company’s strategicopportunities and financial performance.”
Also Tuesday, Modem Media said it will become a “global partner” for Web applications development and design at Philips’ consumer electronics anddomestic appliances divisions, creating business-to-business (B2B) andbusiness-to-consumer (B2C) e-commerce programs.
On the consumer side, Modem Media said it will build the infrastructure forthe two divisions to sell their products to consumers, allowing Philips toprovide localized product information and content for consumers in variousmarkets, as well as customized channel support for resellers.
The B2B portion of the project will enable the company to enhance service performance and efficiency with retail partners, “while also creating a more convenient and productive shoppingexperience for the consumer,” Modem Media said.
Financial terms for the agreement were not disclosed.