Network Communications, Inc. Announces Management Restructuring as CEO Dan McCarthy Steps Down
(Press Release) Lawrenceville, GA (August 17, 2011)— Network Communications, Inc. (NCI) announced today that it has named Fulton Collins as Interim CEO and Gerry Parker as President in a management restructuring following Dan McCarthy's decision to step down as CEO after nine years. McCarthy will continue to serve on the Board of Directors of NCI.
"On behalf of the Board of Directors, the owners and the company, I thank Dan for his steady and inspired leadership of NCI over the past nine years. His mark on the company is lasting and important," Interim CEO Collins said. "We look forward to his continued impact through his contribution on the Board."
"I have had the great fortune to work with remarkable people as we transformed NCI from a local real estate publishing company into a diversified media company with strong positions in vertical search, social media marketing and housing," McCarthy said. "I am confident that the company will prosper in the future and am proud to have helped the current owners create a capital structure and a strategic plan that will make that growth possible."
The Board gave CFO Gerry Parker the additional title of President, responsible for day-to-day management of the company, Collins said. Parker has been Chief Financial Officer since 2002.
Collins also announced that the NCI Board of Directors will retain an independent search firm to assist in identifying a permanent CEO.
"While the Board believes in the strength and ability of current management, it also believes that the search for new leadership should be managed in a prudent and systematic fashion," Collins said. "The search firm will be directed to consider internal and external candidates for the position."
About Network Communications, Inc.
Network Communications, Inc. is a leading local media company providing lead generation, advertising and Internet marketing services to the housing industry. The Company's leading brands are Apartment Finder, The Real Estate Book, Digital Sherpa, Unique Homes, New England Home and Atlanta Homes & Lifestyles. NCI has market representation in more than 500 local markets around the United States. The Company's strategy focuses on providing high-quality and measurable marketing solutions to local clients by leveraging its proprietary prospect-focused distribution and content management infrastructure. NCI distributes more than 9.4 million local print catalogs of apartments for rent and homes for sale every month through more than 300,000 distribution points; NCI's websites are leading Internet destinations for consumers looking for homes to rent or buy, with an average of 2.0 million unique users every month; and it provides Internet marketing services using social media tools to its customers.