(Reuters) - Online advertising network 24/7 Media Inc. said it will cut 100 jobs and close or downsize certain offices to create $10 million in annual savings and focus on business units that are
closest to turning a profit.The company, which will have 850 employees after the cuts, said in a statement it continues to pursue and evaluate all strategic options, including a possible sale of
certain assets, to finance its ongoing operations. A company spokesman declined to comment on which offices would be closed or slimmed down and said the layoffs would be announced in the next week.
The New York-based ad company also said Tony Plesner, formerly senior vice president of strategic planning, will become chief operating officer. He replaces Tom Detmer, who stepped down in late March
to assume the position as general manager of Exactis, the company's e-mail service business. It also said R. Theodore Ammon, the non-executive chairman, has resigned from the board.
