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Exhibit 99
Contact:
Melissa Viglielmo
Vice President
Corporate Marketing and Strategy
(203) 299-7522
Patty DeLana
Director
Public Relations
(203) 299-7211
Modem Media Appoints Marc Particelli Chief Executive Officer
Strategic Consulting and Finance Professional to Assume Role
Norwalk, CT- January 16, 2001 -Modem Media (NASDAQ: MMPT), today announced that
Marc C. Particelli will be joining the Company as Chief Executive Officer and a
member of Modem Media's board of directors effective immediately. Mr.
Particelli, most recently a Partner and Managing Director with Oak Hill Capital
Partners, L.P., a $1.6 billion private equity partnership, was formerly with
Booz Allen, a global leader in management and technology consulting, where he
was a Senior Partner and held a series of senior management positions. G.M.
O'Connell, currently Chairman and CEO and co-founder of Modem Media, will remain
active as Chairman and Robert Allen will continue as President and Chief
Operating Officer. Both O'Connell and Allen will continue to serve as members
of Modem Media's board of directors.
"It is a great pleasure for me to welcome Marc to lead our senior management
team. He is a seasoned strategic consultant and business manager who has
demonstrated an ability to succeed in an environment as dynamic as ours. He
brings with him the same passion for customer advocacy that Modem Media has
always exhibited and will allow us to continue to successfully scale the
business to support our global clients," said G.M. O'Connell, Chairman of Modem
Media. "This organizational change will allow me to return to what I enjoy most,
working on specific client challenges, constantly advancing our work product and
providing leadership for Modem's brand in the industry. In turn, Marc will be
able to focus on the company's strategic opportunities and financial
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performance and collectively, we will fulfill the needs of our clients with the
level of reliability and ingenuity for which we have come to be recognized over
our thirteen year history."
While at Oak Hill Capital Partners, L.P., Mr. Particelli led a number of the
portfolio companies with a specific focus on developing and executing against
their business strategies while improving operational performance. Prior to Oak
Hill, Marc was a Partner on the private equity side of Odyssey Partners, L.P. a
$3.5 billion hedge fund, which produced one of the highest rates of return to
its investors over its lifecycle. During his tenure he oversaw 23 portfolio
companies, which represented in excess of $3 billion in revenues. He assumed
active senior management roles in a number of these businesses, targeted and
closed on a series of complementary acquisitions and significantly improved the
financial performance of these companies through continuous operational
improvement.
Mr. Particelli began his career at Booz Allen, where he worked for twenty-one
years in a series of senior management positions. As a Partner and Consumer
Industries Practice Leader, Mr. Particelli initiated and built a global practice
specifically focused around the functional areas of strategy, operations,
channel and market management, and global expansion for Fortune 500 companies.
"I am very excited to be joining the Modem Media team," said Particelli. "I
believe this industry is at a unique point in time, offering significant
opportunities for Modem Media's employees and shareholders. Modem's leading
market position as an Internet professional services firm, one that operates in
the truly differentiated area of driving strategic thought and offering creative
solutions, leaves it well positioned for solid, profitable growth going forward.
Their long and successful track record of helping clients challenge conventional
wisdom in the digital arena, developing customer-centered programs to build
loyalty, and then executing pragmatic solutions with measurable results, is
unparalleled. Modem Media has all the right ingredients for success - talented
employees, the best client roster in the industry, and a remarkable heritage. I
am confident that my experiences in a large, professional service organization
combined with my significant background in client relationship development, can
help bring Modem
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Media to the next level."
Mr. Particelli received his bachelor's degree in Industrial Engineering from
Lehigh University. He earned a master's degree in business administration from
the Harvard Business School.
About Modem Media
Founded in 1987, Modem Media (http://www.modemmedia.com) provides Internet
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strategy and end-to-end Me-business(SM) solutions to Fortune 500 companies and
select Internet start-ups. As an Internet pioneer, Modem Media has been a
driving force in the digital economy and is the exclusive developer of Me-
businesssm solutions, a unique customer-focused approach to Internet business.
The Company's award-winning Internet-related services include strategic planning
and consulting, engineering, visual and information design, media distribution
and project management. With approximately 1,000 professionals worldwide, Modem
Media's global presence includes its headquarters in Norwalk, CT, and offices in
New York City, San Francisco, Toronto, London, Paris, Munich, Hong Kong, Tokyo
and Sao Paulo. Modem Media has created customer-focused Internet solutions for
global brands such as Citibank, General Electric, Weight Watchers, General
Motors, Delta Air Lines, Philips, IBM, Michelin and JCPenney.
# # #
This press release contains statements that are "forward looking" within the
meaning of applicable federal securities laws, including the Company's revenue
and profitability, which are subject to a number of risks and uncertainties that
could cause the actual results to differ materially from those anticipated.
Factors that could cause actual results to differ include the timing and scope
of new projects and client initiatives, demand for the Company's services,
spending levels of the Company's clients, the timing of the reduction of cost
saving programs, pricing pressures in the market place, the ability to attract
and retain qualified professionals and other factors more fully discussed in the
Company's filings with the Securities and Exchange Commission.
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