The company consequently cut 100 jobs for a cost savings of about $12 million, according to 24/7 Media officials. Including this latest round of layoffs, 24/7 Media has laid off 300 employees since last month at a total cost savings of some $30 million. Meanwhile, C. Andrew Johns, 24/7 Media's chief financial officer, resigned from the company; Stu Shaw, former senior VP-finance and administration, is filling in as interim CFO. Company executives insist, however, that 24/7 Media expects to be cash-flow positive by the fourth quarter of 2001.
Copyright January 2001, Crain Communications Inc.