Constant Contact (CTCT) Names New Directors, Announces $50M Buyback

Constant Contact, Inc. (NASDAQ: CTCT) announced today that Julie M. B. Bradley and Lisa Weinstein have been appointed to the company’s board of directors, effective July 1, 2015. Bradley will serve on the audit committee and Weinstein will serve on the nominating and corporate governance committee. The company also announced a $50 million stock repurchase program.

Bradley is senior vice president and chief financial officer (CFO) of the world’s largest travel site, TripAdvisor (NASDAQ: TRIP). Over the last four years as CFO, Bradley has guided the company through a spin-off and played a critical role in developing and executing its global growth strategy. During that time, TripAdvisor nearly doubled revenue to $1.2 billion, completed 18 acquisitions, strengthened and extended its platform for users and advertising partners, and returned capital to shareholders through a stock repurchase plan.

Bradley currently serves on the board of the TripAdvisor Charitable Foundation, Wayfair Inc. (NYSE: W) and the Judge Baker Children’s Center, and previously served on the board of ExactTarget.

Weinstein is president of global digital, data, and analytics at Starcom MediaVest Group (SMG) where she has been instrumental in pioneering new ways to leverage online, mobile, social, and search, as well as the data those media generate. She serves as the digital guide for some of the biggest marketers in the world, including Coca-Cola, P&G, and Kraft. Prior to SMG, she ran Mindshare Chicago where, at 32 years old, she was the youngest person to ever run an office for the agency and oversaw more than $1 billion in billings for brands including BP and Motorola.

Weinstein serves as an advisor for a number of start-ups in the media and ad-tech business and is a member of Google’s Global Media Council, Twitter’s Client Council, American Advertising Federation (AAF) Board of Directors, and the Interactive Advertising Bureau (IAB) Agency Advisory Board.

“I am thrilled to be adding Julie and Lisa to the Constant Contact board of directors,” said Gail Goodman, chief executive officer of Constant Contact. “Julie’s fiduciary leadership during a time of tremendous growth at TripAdvisor will serve us well. Lisa’s unparalleled digital marketing and analytics expertise will prove invaluable as we aggressively pursue the rapidly evolving online and mobile marketing opportunities for our small business customers. We greatly look forward to their future contributions to our board.”

Goodman continued, “The $50 million stock repurchase program we announced today, the third in the history of Constant Contact, reflects our continued belief that we have the strategy, products, and team to achieve our long-term vision. Our strong financial position allows us to invest in growing our business and achieving our strategic objectives, while at the same time returning cash to shareholders.”

Stock Repurchase Program

Under the stock repurchase program, Constant Contact is authorized to repurchase up to $50 million of the company's common stock. The company intends to purchase shares pursuant to a 10b5-1 trading plan through July 2016. Shares may also be repurchased from time-to-time in privately negotiated transactions or in the open market in accordance with applicable securities laws and stock exchange rules. The timing and amount of any stock repurchases will be determined by Constant Contact's management based on its evaluation of market conditions, share price and other factors. The stock repurchase program does not obligate Constant Contact to acquire any particular amount of common stock and may be suspended, modified or discontinued at any time at the company's discretion without prior notice. The company expects to fund the stock repurchase program from its cash and cash equivalents.

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