Dr. Dexmier continued, "We are committed to taking the necessary steps to ensure that 2011 is another profitable year for LookSmart. To help offset the impact of the Yahoo!-Bing integration, we are accelerating our revenue growth plan leveraging our new pricing models, following positive initial response from our direct customer base in the last weeks of the quarter. In addition, we have also taken action to reduce our operating costs and allow for a rebalancing of our resources in connection with the revenue growth plan, which includes realigning our human capital to better serve our restructured business model."LookSmart also announced the implementation of a restructuring program, and has taken steps to reduce headcount by approximately 20 full-time positions. The restructuring will result in anticipated pre-tax first quarter 2011 charges of $0.9 million. Concurrently, on January 12, 2011, Steve Markowski, Chief Financial Officer, and Gill Brown, Vice President of Advertiser Network Sales and LookSmart, Ltd. (the "Company") determined that Mr. Markowski and Mr. Brown would separate from the Company effective January 13 th and January 12 th respectively. The Company has appointed Bill O'Kelly to the position of Senior Vice President Operations and Chief Financial Officer. The Company will be providing additional details regarding its restructuring program on its fourth quarter conference call.
LookSmart Reports Preliminary Fourth Quarter 2010 Results And Announces Restructuring Program
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