LodgeNet Announces Board And Management Changes

  • LodgeNet Interactive Corporation
  • 06.06.12
LodgeNet Interactive Corporation (NASDAQ:LNET) a leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve, announced changes to its board and management.

The company announced that Scott C. Petersen, its longtime president and CEO, will be departing his executive position with the company, effective June 15, 2012.   Mr. Petersen will continue as a member of the LodgeNet Board of Directors, a position he has held since 1991.  The company also announced that Phillip Spencer, a LodgeNet board member since February 2012, has been appointed interim president and CEO of the company.  Mr. Spencer is CEO and a member of the board of directors of Windjammer Communication, LLC, a cable television and communications company based in Overland Park, Kansas. The company has commenced a search for Mr. Petersen's replacement.

"The company has made significant strides during the past several years in a challenging economic environment by diversifying its revenues, designing and launching its Envision cloud-connected platform, developing a critically acclaimed mobile app, and developing an innovative new advertising platform," said R. Douglas Bradbury, LodgeNet's Chairman of the Board. 

"With Mr. Petersen's departure as CEO, the board will seek a new chief executive with the experience and proven leadership qualities to drive and accelerate the growth of the Company.  On behalf of the Board, I want to thank Mr. Petersen for his numerous contributions since 1987 as an executive officer of the Company.  I look forward to his continued contributions as a member of our Board, and wish him well as he moves on to new opportunities."

"I have been honored to be part of the LodgeNet growth story over the past twenty-five years," said Mr. Petersen.  "The company has a highly unique and strategically valuable position within the hospitality and healthcare industries, and I look forward to contributing to its future growth as a member of its Board of Directors.  On a personal level, I am energized to be in a position to consider new and diverse opportunities to apply my interests and talents."

LodgeNet also announced the appointment of Thomas N. Matlack, CFA, as an independent Director of the Company.  Mr. Matlack is a private investor who has led several venture investments in the areas of media and technology, including Art Technology Group, The Ladders, and Telephia.  Matlack was previously the founder and Managing Partner of Megunticook Management, a venture capital firm that started more than 30 companies. Prior to Megunticook, Matlack was Chief Financial Officer of The Providence Journal Company.  Matlack currently sits on the boards of Game Empire Enterprises, Good Men Media, and Seismic Games. He is a graduate of Wesleyan University (BA) and Yale University (MBA).

"We are very pleased to welcome Tom to the LodgeNet Board of Directors," said Mr. Bradbury.  "With an extensive background in technology and new media, we look forward to Tom's contributions."
 
The appointment of Mr. Matlack was the result of the process set forth in the agreement between the Company and Mast Capital Management, LLC, dated February 28, 2012, and filed with the Securities and Exchange Commission in a Form 8-K filed on February 29, 2012.   Mr. Spencer was also originally appointed to the LodgeNet Board of Directors in 2012 pursuant to this agreement.




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