Phorm (WebWise), the controversial system that works with ISPs to monitor what websites you visit for use in targeted advertising campaigns, has lost its UK CEO Hugo Drayton by "mutual consent". The move follows the loss of four more board members earlier this month (here).

Drayton, who will remain an advisor to the Company, has also been joined by two other leavers including the group’s Chief Financial Officer, Lynne Millar and general counsel David Pester. Naturally Phorm has been quick to replace the trio with a new group.

Nan Richards, the ex-president of Turner Broadcasting System Europe (Time Warner), is appointed Deputy Chief Executive Officer based in London. Andrew Croxson, formerly of Ingenious Consulting, is appointed Global CFO on an interim basis.

Nick Barnett, currently Phorm's UK Commercial Director, is promoted to the newly created role of UK Managing Director based in London:


The move may surprise some since Phorm had recently been given a big boost thanks to the completion of BT's trials and its plans for future adoption. However a bump in share prices won't solve Phorms cash flow problems and there is still a lot of pressure emanating from privacy advocates around the web.