Cygnus CEO Paul Mackler is no longer in charge of the company he helped build, company spokeswoman Kathy Scott confirmed Monday.
"Paul did a great job leading the company," she said. "Cygnus had positive growth every year under his leadership, even in the down years."
After more than a month of speculation that Cygnus was on the block, Scott says Cygnus is "not for sale." She offered no further comment but did not deny that the company had explored a sale. "Abry wants to take the company in a different direction," she said in a phone interview.
The new CEOs are Carr Davis and Anthony O’Brien, who in 1993 launched FDCH e-Media, which specialized in b-to-b partnerships and online news delivery. FDCH e-Media was sold in 2004. Since selling their company, Davis and O’Brien have worked as consultants, Scott said. In their roles as dual CEOs, Davis will handle sales and partnerships and O’Brien will manage company operations, personnel and technology development.
Abry and Mackler paid over $200 million for Cygnus in 2000. Since then, the company has acquired some 49 magazines, Web sites and trade shows, which would have required a hefty sale price for Abry to get back its original investment.