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Harris to Sub-Let Office Space to Reduce Overheads

July 8 2011

Harris Interactive is planning to sub-let excess space in its US premises in Norwalk, Connecticut and Portland, Oregon, as well as in its UK offices in Brentford, Middlesex, in order to reduce costs.

Al AngrisaniIn an SEC filing, the firm said that the resulting lease-exit costs are anticipated to be around $1.9m, and that it is evaluating its leased office space according to the overall needs of the business.

Last month, the firm announced that President and CEO Kimberly Till had left and been replaced on an interim basis by former COO Al Angrisani (pictured), who had recently been brought back to advise on a turnaround strategy.

Since Till's arrival at the company in 2008, the firm's fortunes had continued to decline; culminating in a 9% drop in quarterly revenue to $38.1m in the period before her departure.

In June, the Nasdaq Stock Market gave Harris Interactive another notice of a possible delisting, following a drop in its share price below $1. Today, the firm's shares are trading at 85 cents each.

As a result of the recent management changes, Harris has upped Chairman Howard Shecter's salary and made him a grant of stock, to reflect the increased advisory role he is expected to have as the company moves to a new senior management team. In addition, the firm has entered a 'separation agreement' with Enzo Micali, its former Global EVP, Technology, Operations and Panel, through which he will continue to receive his bi-weekly salary until next January.

Web site: www.harrisinteractive.com .

All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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