Glam Media Names Former Apple Executive Seeley as Finance Chief
Glam Media Inc., a provider of Internet-advertising services targeting women, named Jeanne Seeley as chief financial officer, adding an executive with experience at publicly traded companies including Apple Inc. (AAPL)
Seeley comes to closely held Glam from Occam Networks Inc. (OCNW), which Calix Inc. acquired this year. Earlier in her career, she oversaw the filing for an initial public offering at Snap Appliance Inc., which shelved the sale when market conditions worsened in 2001, Seeley said in an interview today.
Glam has been taking steps to hold its own IPO, including preliminary talks with bankers, people with knowledge of the discussions said earlier this year. The Brisbane, California- based company is evaluating the timing because the market for initial share sales has weakened, according to a person familiar with the matter.
Seeley replaces Bruce Jaffe, who will focus on acquisitions and corporate development as the company continues to look at larger deals, Chief Executive Officer Samir Arora said. Glam last week said it will acquire social-networking site Ning Inc. and have co-founder Marc Andreessen join its board.
Glam bought Ning for about $150 million, two people familiar with the matter said when the purchase was announced. The company is boosting the size of the deals it considers, and acquisitions “will be as much a part of our growth as organic” growth, Arora said in an interview yesterday.
Seeley, who will start today, also served as CFO at Japanese Internet-software firm Access Co. and at Quantum Corp. She spent 16 years at Apple in roles including controller and chief accounting officer.
Seeley’s experience in finance at publicly traded companies was an important consideration in her selection, Arora said. He declined to comment on whether Glam is planning an IPO.
Because of the time needed to integrate Ning and the stalled IPO market, Glam’s plans for a share sale may be held up longer than the company expected several months ago, according to the person familiar with the company, who didn’t want to be named because the process is private. Still, the company is planning for an offering and Seeley’s hiring is part of that process, the person said.
U.S. listings have slowed because of investors’ concerns about economic growth, the European debt crisis and a downgrade of the U.S. credit rating. IPOs have been shelved or scrapped at a faster rate in the past three months than the comparable period in any year since 2004, according to data compiled by Bloomberg.
The volatile market should lead companies to consider whether an IPO is right for them now, Seeley said, while declining to comment on Glam specifically.
“I think it is prudent for companies that have intended an entrance into the public markets to really take a pause and consider that kind of volatility in regards to their situation,” she said. “Entering an issue into this kind of market is not for the weak of knees.”
Bloomberg LP, the parent company of Bloomberg News, is an investor in Andreessen’s venture capital firm, Andreessen Horowitz.
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