• by David Goetzl  @dgoetzl, July 12, 2011

David Verklin, CEO of Canoe Ventures since its 2008 inception, is leaving the company when his contract expires at the end of the summer. Kathy Timko has been named interim CEO, although no search process is in motion.

Timko is currently COO of Canoe, which is owned by the six largest cable operators. The company offers a product that facilitates interactive advertising on national cable channels, and it says its footprint is 20 million-plus homes served by its owners, which include Comcast and Time Warner Cable (TWC).

Robert Marcus, a Canoe board member and TWC's COO, indicated in a statement that Verklin's departure is not a signal that Canoe's funders are pulling back.

"The board remains committed to the significant business opportunities we are pursuing through Canoe," he stated.

Comcast Cable President Neil Smit, also a board member, stated that Canoe is moving ahead with plans to launch national dynamic ad insertion in VOD streams.

Before joining Canoe, Verklin was CEO of Aegis Media Americas, which included Carat. Timko joined Canoe in 2009 after serving in a COO role at IDT, where she worked for a decade.

"Kathy's experience managing and scaling high-tech organizations, including her track record driving marketplace adoption and creating new business revenue, positions her well for leading Canoe through the next phase of its development," stated Smit.