Modem Media Founder Relinquishes Daily Duties

NEW YORK Modem Media founder and chairman G.M. O’Connell is resigning as a full-time employee of the company, effective Jan. 1.

O’Connell, 42, who founded the Norwalk, Conn.-based interactive shop 16 years ago, will continue to serve as chairman of the board, but will transition into a part-time consultant role.

Bearing the title of non-executive chairman, O’Connell will periodically call on prospective and existing clients, such as Delta Air Lines and General Motors. He also will speak at industry events and provide advice and counsel to the company, 43 percent owned by Interpublic Group, as he has done in the past.

“Serving as non-executive chairman provides the best of both worlds for me,” O’Connell said in a statement. “This new role allows me to continue to direct and influence the future of the company I founded, while providing me with more time to spend and travel with my young family.”

O’Connell’s decision to relinquish his full-time responsibilities comes nearly three years after he ceded his chief executive post to Marc Particelli, who joined the i-shop in January 2001 from Oak Hill Capital Partners.

Modem Media’s stock (MMPT) was trading on the Nasdaq today at $6.60, down 3 cents or nearly one-half percent. Its 52-week high is $6.83; its low, $1.86.