IncrediMail Ltd. (MAIL) said it has hired Josef Mandelbaum, who
is currently chief executive of American Greetings Corp.'s (AM) AG
Intellectual Properties, to run the company.
Current CEO Ofer Adler is stepping down from his position at
IncrediMail - which develops software that lets users customize
email using animations and other effects - but he will remain with
the company as chief product officer and a director. Adler had been
CEO for more than two years. Mandelbaum will start Aug. 5.
Mandelbaum spent 15 years at AG Intellectual, becoming CEO of
the group in 2000, and "was instrumental in establishing American
Greetings as one of the leaders in the online content industry,"
IncrediMail said.
"Under Josef's leadership, we intend to further extend our
organic growth, explore new possibilities in product development,
and actively seek acquisitions," Adler said. "Josef is clearly the
right person to lead this phase."
Last month, IncrediMail amended its advertising agreement with
Google Inc. (GOOG) to end at the close of this year rather than as
scheduled in July 2011, as it said Google was discussing possible
changes that could potentially be harmful to the company's revenue.
At the time, IncrediMail said it was testing other major search
players' services in connection with search properties it offers
its user base.
IncrediMail in May said its first-quarter profit climbed by half
as revenue increased.
Shares closed at $4.12 on Tuesday and were inactive premarket.
The stock has fallen 59% so far this year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com