LifeMinders names new CEO, ends major business initiative

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Online direct marketer LifeMinders, which specializes in sending personalized e-mail 'reminders' to consumers, named a new chairman-CEO following the release of disappointing fourth-quarter results. The company appointed board member Jonathan B. Bulkeley, 40, to replace CEO and founder, Stephen R. Chapin Jr., who left the company to pursue other options. Mr. Bulkeley previously was CEO of book e-tailer Barnes & The executive shuffling came as LifeMinders reported a fourth-quarter loss of $70.5 million, or $2.77 a share, compared with a loss of $17.6 million, or $1.60 per share, a year earlier. Analysts surveyed by First Call/Thomson Financial were expecting a loss of 12 cents a share. LifeMinders said quarterly results included a charge of $54 million related to investments in other Internet concerns as well as the closure of its wireless advertising business. The company laid off 40 employees earlier this month who were involved with the wireless division. LifeMinders was one of the many dot-com advertisers in the 2000 Super Bowl that did not come back for Super Bowl XXXV. Last year, the company gained a moment of fame by airing a commercial produced in-house, entitled "This is the worst commercial in the Super Bowl," after its agency, Fallon Worldwide, Minneapolis, said there wasn't enough time to produce a spot for the game.

Copyright January 2001, Crain Communications Inc.

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