In a huge shift, Zorik Gordon, the CEO and founder of Woodland Hills-based ReachLocal, has resigned, the company said this morning, and the company has launched a search for a new CEO. ReachLocal, which provides online advertising services to small and medium sized businesses, said that Gordon has resigned both as CEO and member of the company's board. According to ReachLocal, Gordon has resigned to "pursue other entrepreneurial opportunities".
In the meantime, the company said that Chairman David Carlick has been appointed interim CEO. Gordon had founded ReachLocal over ten years ago, taking the company from just a small startup to over $500M in annual revenues. ReachLocal did not say what Gordon intends to do now. Gordon had most recently been expanding ReachLocal's efforts into handling not just advertising but also other parts of the consumer transaction, including scheduling, booking, and payment of services. The company, originally backed by VantagePoint, had its IPO back in 2009.