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Comments by YACCS
Thursday, June 01, 2006

What a shock

This isn't everything

Dot-com doom site founder steps down as AdBrite CEO
By Greg Sandoval
Staff Writer, CNET

Published: May 31, 2006, 5:22 PM PDT

Philip Kaplan, who ran the controversial Web site F***edCompany during the dot-com bust, has stepped aside as CEO of a small, profitless start-up he founded in 2004.

Kaplan, 30, told CNET on Wednesday that he made the decision to turn AdBrite, which sells online advertising, over to "professional management." While he said he wasn't forced out, he acknowledged that his board of directors didn't try to dissuade him from stepping down.

"I suggested it, and there was no push back," Kaplan said with a smile. "I really wanted an expert to come in and help run AdBrite."

AdBrite is expected to announce Thursday that Ignacio Fanlo, a former executive at an e-commerce site that was lambasted on F***, is AdBrite's new CEO. Kaplan said he will stay on to oversee AdBrite's products.

Kaplan's critics, whom he acknowledges are numerous, are likely to cheer the news. He said he knows that many executives ridiculed by their employees on his combustible message board will say Kaplan fared no better at running a company than they did.

Six years ago this month, Kaplan emerged as an unlikely player in Silicon Valley with F***edCompany. But last year, the one-time executive tormentor jumped sides and became an executive. In a photo that accompanied a story in The Wall Street Journal about his new company, he no longer looked liked "Pud," his user name on F***edCompany. He had given up his bleached hair, cowboy boots and concert T-shirts for sport coats and Ralph Lauren dress shirts.

AdBrite bills itself as a marketplace where advertisers can choose to place ads on thousands of Internet publishers. The company is after a slice of the booming online advertising market, which grew to $12.5 billion last year from $1 billion in 1997. In the first quarter of 2006, Web advertising grew 38 percent to $3.9 billion, according to the Interactive Advertising Bureau.

Kaplan defended his 18-month tenure as AdBrite's chief executive. The company is profitless, but it just received $8 million in a second round of funding, he said. In the past six months, AdBrite has seen the number of publishers offering space to advertisers grow to 16,000. In the same span of time, the company has almost doubled its staff size from 25 to 43.

Phil was always a short term guy when I knew him. Always for the quick buck. Who in God's name thought he was qualified to be an ad exec?

Typical dotcom nonsense,overhiring staff, an unqualified CEO........

If he had tended FC and grew it, he could have been Nick Denton, but that wasn't fun, porn and a crappy book was.

Well, he's rich, he'll find something else to do.

posted by Steve @ 12:03:00 AM

12:03:00 AM

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