Demand Media replaces CFO with company insider
Demand Media Inc. said Thursday that its chief financial officer is stepping down and be replaced by the online content provider's treasurer.
Mel Tang, the company's treasurer and senior vice president of finance, will become CFO Aug. 16. He has been with the company since 2006 and previously worked in investment banking at UBS and Donaldson, Lufkin & Jenrette.
The current CFO, Charles Hilliard, will become a special adviser to the board, the Santa Monica company said. He had led Demand Media's initial public offering of stock in January 2011.
The company said it was not changing its financial guidance for the second quarter or 2012.
The provider of videos to sites such as eHow.com and Livestrong.com has seen traffic to sites it serves hurt by changes in Google Inc.'s Internet search formula.
Demand Media's shares rose 33 percent on the first day of trading after last year's IPO. They climbed above $27 by April 2011 but have tumbled since to levels below the IPO price.
The shares rose 40 cents, or 4 percent, to close Thursday at $10.32 before the announcement of a new CFO. In extended trading, the shares fell 12 cents to $10.20.