NEW YORK (
) -- Christopher P. "Woody" Marshall has been elected chairman of the board at
, the company announced Wednesday.
Marshall will replace founder Jim Cramer, who assumed the chairmanship in 2008 to help steer the financial media company through a transition period and now wants to reduce his administrative workload and focus on his role as a stock market commentator. Cramer will remain on the board.
Marshall built his career in the venture capital and private-equity world, focusing on technology, Internet, mobile and software investments. Marshall is also a partner at Technology Crossover Ventures, which purchased a $55 million minority stake in TheStreet in 2007. He joined TheStreet's board in August 2009, along with Ronni Ballowe, a former executive at Ziff-Davis who previously served as publisher of
"As an active Board member and long-term investor, I have both followed and participated in TheStreet's evolution over the years," Marshall said in a statement. "I believe the Company is on the right path, and as its new Chairman, I am eager to help contribute to its future successes. TCV and I believe in the business as much as we did when we invested in it in 2007."
"We are excited to have Woody increase his commitment to the Company through his new role as Chairman," CEO Daryl Otte said in a statement. "His ability to identify companies where he sees strong, sustainable business models, coupled with a proven track record at helping them recognize untapped value over the long-term, will be an asset to our Company.
Otte said of Cramer: "The other board members and I want to thank Jim for his service to the Company as Chairman. He has been an integral player in helping the Company realize its vision of being a leader in the digital financial media space -- which he helped pioneer by founding the Company in the early days of the commercial Internet -- and he has provided outstanding leadership to the Board.
Cramer inked a three-year deal with TheStreet in December to continue writing for its subscription products in exchange for royalties and restricted stock. Separately, he is a prominent commentator on
"Mad Money" show.