CEO John A. Meyer resigns: In a surprise announcement Acxiom stated that John A. Meyer notified the company of his resignation from his positions as the Chief Executive Officer and President of the company, and as a member of its Board of Directors, effective March 28, 2011.
CFO Christopher W. Wolf resigns: The company also announced that Christopher W. Wolf will resign from his position as Chief Financial Officer of the company in the second calendar quarter of 2011.
The company expects a write-down of international assets of $50 million and $90 million. As a result of recent performance of the international operations and management’s evaluation of those businesses, indicators arose during the fourth quarter requiring the company to accelerate the process to review goodwill and other long-lived assets. Due to the complexity of the calculation process, and the need for appraisals and analyses that have not yet been obtained and performed, the company is currently unable to estimate with precision the amount of the impairment charges.
Additional restructuring charges in the U.S. expected: In addition to the estimate of the goodwill impairment charge, unusual items in the fourth quarter will include other restructuring and impairment charges in both the U.S. and international operations.
The Board of Acxiom appointed Jerry D. Gramaglia, a member of the Board, to serve as interim Chief Executive Officer until a permanent replacement has been found.
Source: Acxiom Press Release
Acxiom’s stock plunged 22.68% on the heels of these announcements