TheStreet ( TST) announced on Tuesday its Board of Directors had appointed Chairman Lawrence "Larry" S. Kramer as interim president and CEO of the company. The move follows the resignation of Elisabeth DeMarse as president, CEO and board member of TheStreet.
The New York-based financial information services, which publishes this Web site, has engaged an executive search firm to conduct a search for a permanent replacement.
During DeMarse's four years as CEO, the company acquired the Web site The Deal and relationship capital firm, BoardEx.
"Under Elisabeth's leadership the past four years, TheStreet re-established itself as a leading independent digital financial media company," said Jim Cramer, founder and member of the Board of Directors, in a press release. "Many of the initiatives she led, including the acquisitions of TheDeal and BoardEx, have enabled TheStreet to diversify into a broader business-to-business financial services company and not just a markets news service. The Board thanks Elisabeth for her dedicated service to TheStreet."
Larry Kramer has been a director of TheStreet since October 2015 and chairman since December 2015. Previously, Kramer founded and led CBS Marketwatch and most recently was the president and publisher of USA Today.
"As we look ahead to 2016, we remain focused on growing both our consumer and business-to-business divisions," Kramer said. "We plan to continue to invest in new initiatives to make TheStreet a profitable media growth company with multiple revenue streams."
Kramer said details about the new initiatives would be shared during a conference call following the release of the company's earnings on March 8.
TheStreet was founded 20 years ago by former hedge fund manager and current CNBC commentator Jim Cramer and others.