SourceForge, Inc. (NASDAQ: LNUX) announced after the close that its President & CEO Ali Jenab has resigned from the company, with an effective date of today. Interestingly enough, Ali Jenab had been at the company for nearly eight years.
The company’s board of directors has appointed Robert Neumeister, Jr. as the company’s interim President and CEO. Neumeister is a not only a current member of the board of directors, he’s the Chairman. The company does note that this is an "interim" basis as it has formed a search committee and will start the process of looking for a new CEO immediately.
SourceForge said it intends to take aggressive steps to accelerate the growth of its core Internet properties: Slashdot, SourceForge.net and ThinkGeek. For those of you who are tech-web addicts you know these, but if you do not then you will be interested to know that these properties are all widely watched and have long-standing readership numbers. In fact, if you look below we are showing you the US-rankings for Alexa and the overall measured ranking from Quantcast:
Alexa Quantcast Est. users
Slashdot 1,404 3,562 693,964
SourceForge.net 133 949 2.0 Mil
ThinkGeek 1,181 12,117 186,413
While these numbers might not sound like the rankings of Google, Yahoo!, MSN, or others, these are very large numbers for advertisers looking for targeted audience ads.
This hasn’t been the greatest time for SourceForge as a stock. Shares closed down 2.2% at $1.32 today, another 52-week low. The prior 52-week trading range was $1.35 to $4.45. This also puts the company within basic striking distance of 5-year lows. Shares were even under $1.00 back in early 2003 and late 2002, but they were exponentially higher back in the bubble days.
the company did swing to a net loss last quarter after results. Is market cap is roughly $90 million, while its last quarter showed cash and investments were about $61 million and all liabilities were $11.068 million.
Jon C. Ogg
June 10, 2008
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