"The company, which was once valued as $US7 billion ($8.2 billion) but is now worth only $US76.7 million will remain listed on the Nasdaq where it has been publicly traded since 1999. LookSmart has withdrawn from all other international markets and focuses solely on North America, where it has not turned in a net profit since 2003."
For now, Edward West, LookSmart Board member and chair will fill in as interim chief executive until the CEO shoes are filled. West said:
"We are deeply appreciative of Dave's industry experience and contribution to LookSmart during his tenure with the company. He has guided the company through many challenges and successfully restored the quality and growth of its Advertiser Solutions business."
David Hills resigned to open his own online media advisory services firm.