SAN FRANCISCO, June 15 /PRNewswire-FirstCall/ -- PlanetOut Inc. , the world's leading media and entertainment company exclusively serving the LGBT community, today announced that Karen Magee has been named chief executive officer and will assume the role on July 1. She succeeds Lowell Selvin, who will step down as chief executive officer and chairman of the board of directors for medical reasons after seven years of successful service.
The board of directors has shifted to an independent chairman. Bill Jesse has been elected to serve as chairman, and the board has also awarded Lowell Selvin the title of chairman emeritus in recognition of his many highly valued contributions over the years of his service. Selvin remains on the board of directors.
"We are extremely excited about the leadership capabilities and talent Karen Magee brings to the company as our new chief executive officer," said Bill Jesse, chairman of the board of directors. "Karen has extensive experience in the media and entertainment industry, including proven consumer marketing skills. As a director of PlanetOut, she has developed a strong understanding of our business, and the strategic vision required to maximize PlanetOut's leadership position serving the LGBT community, and drive its next phase of growth and development."
Magee has served on PlanetOut's board of directors since September 2003. Prior to her appointment as PlanetOut's CEO, Karen served as senior vice president of strategic planning for Time Warner from April 2004 until March 2006. She also served as vice president for Time Inc. from February 2001 until April 2004, and before that, served as general manager and vice president of consumer marketing with TIME Magazine from February 1996 until February 2001. Magee sits on the Princeton University Board of Trustees and previously served as co-chair of The Gay & Lesbian Alliance Against Defamation (GLAAD) board of directors. She holds a B.S.E. from Princeton University and an M.B.A. from the Wharton School of the University of Pennsylvania.
"PlanetOut's powerful brands create a truly exciting multi-platform opportunity to engage all members of the LGBT community. I'm looking forward to working with the talented team at PlanetOut to enrich and broaden the products and services that we offer to consumers and advertisers," said Magee. "The company has achieved a number of impressive milestones during Lowell's tenure that have laid the groundwork for continued, rapid growth and profitability. I plan to build on that momentum to add increased value to customers and shareholders alike." Magee added that, "I expect one of my first areas of focus will be the completion of an acquisition integration plan that Lowell, Jeff Soukup and other key members of the PlanetOut team have been developing. The move is designed to execute on our commitment to integrate LPI and RSVP prudently and take advantage of operational efficiencies. We expect to provide more information on this by the end of the month."
Bill Jesse has been a director of PlanetOut or its predecessor, Online Partners.com, Inc., since 1998. He previously served as chairman of the board of directors of Online Partners from 1999 to 2000. He will continue to serve as chair of the audit committee. Karen Magee has resigned from the audit committee and has been replaced by Allen Morgan.
Selvin joined Online Partners as chief executive officer in 1999, and led the acquisition of PlanetOut Corp. He positioned PlanetOut as a global leader serving the LGBT community and helped grow the company through its successful initial public offering and acquisitions of LPI Media and RSVP Vacations. Bill Jesse said, "Lowell has been an outstanding leader over the past seven years. Without his contributions and those of the outstanding team he assembled, PlanetOut would never have developed the strong platform from which Karen will be building. He not only had the vision to see what PlanetOut could become, but also the skills and drive to execute on that promise. It has been a privilege to work with him."
Teleconference to be held Friday, June 16
PlanetOut has scheduled an investor teleconference for tomorrow, June 16 at 9:00 a.m. EDT/6:00 a.m. PDT. Parties in the United States and Canada can dial 800-257-1836 to participate in the call. International parties can access the call at 303-262-2211.
About PlanetOut Inc.
PlanetOut Inc. is the leading global media and entertainment company exclusively serving the lesbian, gay, bisexual and transgender (LGBT) community.
PlanetOut's digital media brands include Gay.com, PlanetOut.com, OUT&ABOUT Travel, Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com, as well as localized versions of the Gay.com site in English, French, German, Italian, Portuguese and Spanish. PlanetOut print media brands include The Advocate, Out, The Out Traveler and HIVPlus, as well as SpecPub, Inc. titles. Transaction services brands include e-commerce Web sites Kleptomaniac.com and BuyGay.com, travel and events marketer RSVP, book publisher Alyson Publications, and direct marketer Triangle Marketing Services, among others.
PlanetOut, based in San Francisco with additional offices in New York, Los Angeles, Minneapolis, London and Buenos Aires, offers Global 1000 and local advertisers as well as its own properties access to what it believes to be the most extensive multi-channel, multi-platform network of gay and lesbian people in the world. For more information, please visit http://www.planetoutinc.com/.
Forward-Looking Statements
In addition to the historical information contained herein, this press release contains forward-looking statements, including statements regarding the anticipated restructuring charges, the company's continued future growth, as well as statements containing the words "believes," "anticipates," "expects," and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the company's limited operating history and variability of operating results; the company's ability to attract and retain subscribers and advertisers; RSVP's ability to successfully book guests on its various travel packages; the company's ability to integrate the assets of acquired companies; competition; timing of product launches; and the company's dependence on technology infrastructure and the Internet. Additional information concerning factors that could affect PlanetOut's future business and financial results is included in the company's Annual Report on Form 10-K for the year ended December 31, 2005, Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, and other public filings filed from time to time with the Securities and Exchange Commission (SEC), which are available at the SEC's website at http://www.sec.gov/.
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