Industry Moves: Lycos Europe’s CEO Mohn Exiting Next Month
-
Comments (View)
- Text Size: A A
-
Email
-
Share
After letting the portal slide in to irrelevance since its heyday, Lycos Europe CEO Christoph Mohn will resign on May 28, after overseeing the liquidation of the company and the sale of some of its assets. At the annual general meeting on that day, the board will recommend company CFO Fred Wilsdorf be appointed Mohn’s replacement, but, with the outfit now operating only as a skeleton to sell its most valuable bits, it won’t be for long. Release.
SEE ALSO: Lycos Europe Finds A Tripod Rescuer, Three Days Before Shutdown
In its last ever annual earnings in March, the company said losses ballooned from €15.5 million to €50.8 million, on 44 percent worse revenue of €20.9 million, after the liquidation itself cost €32.8 million.
Jointly owned by Telefonica’s Terra internet arm (32 percent), Bertelsmann (20 percent) and Mohn himself (12 percent), Lycos Europe is distinct from America’s Lycos Inc, but both have rather failed to keep pace since their glory days circa 1999, have lost significant audience share and Lycos Europe had made repeated annual losses. Twelve months ago, the company put itself up for sale but, after failing to find a buyer, in December opted instead to dismantle itself, returning €50 million to shareholders.
Lycos Europe has managed to off-load its Jubii Denmark, United Domains and Shopping businesses, and even managed a deal to rescue Tripod from closure just days before a shutdown deadline. Mohn is an heir to Germany’s Bertelsmann throne.
@robertandrews
Apr 27, 2009 4:37 AM ET
Posted In: Industry Moves
iTunes Songs
Social Standing
Which media brands are getting a lift from Tweeters and bloggers right now -- and which are getting panned?
Show Me: