Adauction.com announced the week of Nov. 8 it hired a search firm to find a CEO to succeed Chris Redlitz. But what will Mr. Redlitz's new title be and why is he stepping down as CEO? The answer is unclear. "I am one of the founders and thought we needed to bring in a strong media operational person. That's what we are looking for," he said. Mr. Redlitz would not comment on whether he'll stay with or leave the media-buying site. "We are still determining how to structure [the company's management]," he said, adding that his status is "something we are working through. Getting a new CEO in is the No. 1 priority for us now." In the meantime, Mr. Redlitz said the company is actively pursuing going public. "We are obviously moving in the direction of an IPO."
Copyright November 1999, Crain Communications Inc.