Phorm’s Revolving Door: UK CEO, CFO, General Counsel Follow Board On Way Out

image What is going on at Phorm? The behavioural targeting ad network announced that three more senior executive are leaving – UK chief executive Hugo Drayton will be gone from the post by year’s end, leaving “by mutual consent” just two weeks after four board members and the COO walked out over strategic differences. Drayton will stay on in an advisory role and in the release says he’s confident that Phorm’s Open Internet Exchange (OIX) technology will be commercially deployed in 2009. Phorm has just finished the third trial of its targeting technology with BT (NYSE: BT), which is now considering moving towards fully-fledged deployment.

Also through the out door is UK CFO Lynne Millar, who has resigned and will be replaced on an interim basis by Andrew Croxson, moving over from Ingenious Consulting. Phorm confirmed to us this morning that general counsel David Pester has left the company and has been replaced by Sharon O’Leary, previously of VoIP company Vonage. Nan Richards, previously of Time Warner (NYSE: TWX) division Turner Broadcasting Systems, is appointed deputy chief executive and current UK commercial director Nick Barnett is given the new role of UK MD and will be responsible for working with ISPs on future trials of the technology and liaising with advertisers. More after the jump…

Earlier this month, Stephen Meyer, Virasb Vahidi, David Dorman and Christopher Lawrence all stepped down from the Phorm board, with the company citing “strategic differences”. In came former Conservative chancellor Norman Lamont, Broadband Stakeholder Group chairman Kip Meek, Fairfax Investment Bank chairman Stefan Allesch-Taylor and investment management firm Gordian Knot