May 7, 2014
17:25 EDT LOCM Local appoints Chairman of the Board Fred Thiel as CEO
Local has named Fred Thiel, Local Corporation’s chairman of the board, CEO of the company, effective immediately. The company also announced that, effective immediately, the position of president and COO would be eliminated to further streamline operations and Michael Sawtell will be leaving the company.
Fred Thiel has a very strong background (Source: Read the complete text on Seeking Alpha)
"Fred Thiel has a very strong background. He should help company strategy and operational execution. Thiel served as managing partner of the Software IT Group at Triton Pacific Capital Partners, a private equity firm making equity investments for itself and its investors in lower middle market companies, from January 2007 until the end of 2012. As part of his role at Triton Pacific Capital Partners, Thiel served on the boards of four of its portfolio companies Custom Credit System, LP, DB Technology, LLC, Assetpoint, LLC and Vayan Marketing Group, LLC. Custom Credit Systems, LP is an enterprise software company providing commercial lending automation solutions to major banks. DB Technology, LLC is an enterprise content management software company providing solutions to healthcare providers. Assetpoint, LLC is an enterprise software company providing enterprise asset management solutions to major corporations. Vayan Marketing Group, LLC, is an Internet media marketing company providing customer acquisition services to major consumer brands. Thiel has been an operating partner with Graham Partners, a mid-market private equity firm since 2008. From January 2004 to December 2006, Thiel was founder and managing partner of TechStarter Ventures, a venture capital and technology incubator focused on developing Web 2.0 technologies and social media, human resources and project management related web properties. Prior to TechStarter, Thiel was CEO of GameSpy Industries from January 2002 through January 2003. Thiel is presently a director of three private companies, including Predixion Software, Inc., B&B Electronics, Inc., and OCTANe LLC."
Advisor on Software/Information Technology sector
Fred is the former Managing Partner of Triton Pacific Capital Partners Software/Information Technology Group. He brings over 20 years experience managing software and technology companies for rapid growth in both revenue and shareholder value. Prior to joining Triton Pacific, Fred has been CEO of several companies including GameSpy Industries, a leader in on-line media, where Fred dramatically grew revenues and then sold the company to a strategic acquirer at industry leading multiples in under twelve months and Lantronix, a leader in device networking and systems management technology, where Fred repositioned the company, doubled revenues in four years, acquired and integrated four companies and successfully raised over $120 million through an IPO and follow-on secondary offering. Fred attended the Stockholm School of Economics. Fred is fluent in English, Spanish, Swedish and French.
Triton Pacific Capital Partners is a private equity firm making equity investments on behalf of itself and its investors.
Those investments may be controlling or minority positions but always where our strategic input, in combination with our capital, can have a materially beneficial impact on a company's profits and valuation.
We focus on established small and mid-size companies with considerable growth prospects in industries that either exhibit attractive fundamentals or are experiencing significant structural changes.
We pursue opportunities where we, and our portfolio company management teams, are confident that the combination of our collective monetary and intellectual capital will lead to a significantly enhanced value for the company and its stakeholders.
We have a long-term investment perspective. We encourage our portfolio companies to maintain their business focus; to make strategic acquisitions; and to motivate a wide range of employees by giving them a stake in the business.
Andrew D’Silva - Merriman Capital
And then was there any particular reason for letting Mike Sawtelle go? I know he spearheaded a lot of the Krillion campaigns. It seems like that’s a big driver for maybe the second half of this year and 2015. And then also, who’s going to be spearheading that going forward?
Fred Thiel - Chairman and CEO
That’s a great question. We’re really focused on having a very flat, agile, fast-moving organization which is focused on execution and empowering managers really as close to the line of interface with the customer as possible, with the ability to drive their businesses. And at the end of the day, it comes down to how many people do you have to have between strategy and execution.
And so the board decided that it was in the best interest of the company to really focus on a flattened hierarchy. We’re actually a bit of a small company to have as many chiefs as we’ve had, and at the end of the day, it comes down to very rapid execution, being agile, being able to push down decisioning. And just that was the luck of the draw, so to say.
Source: Read the complete transcript of the last Conference Call direct on Seeking Alpha