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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Consent Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant  ¨                            Filed by a Party other than the Registrant  x

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¨ Preliminary Consent Statement

 

¨ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

 

¨ Definitive Consent Statement

 

x Definitive Additional Materials

 

¨ Soliciting Material Pursuant to §240.14a-12

VITACOST.COM, INC.

 

(Name of Registrant as Specified in its Charter)

GREAT HILL INVESTORS, LLC

GREAT HILL EQUITY PARTNERS III, L.P.

GREAT HILL EQUITY PARTNERS IV, L.P.

CHRISTOPHER S. GAFFNEY

MICHAEL A. KUMIN

 

(Name of Person(s) Filing Consent Statement, if Other Than the Registrant)

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The
Case
for
Change
at
Vitacost.com,
Inc.
(NASDAQ:
VITC)
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2
Executive Summary
On
March
23,
2010,
Great
Hill
Equity
Partners
IV,
LP
and
certain
of
its
affiliates
(“Great
Hill”)
acquired
5.4
million
shares
of
common
stock
of
Vitacost.com,
Inc.
(the
“Company”
or
“Vitacost”),
amounting
to
a
19.7%
stake.
Great
Hill
purchased the shares at a price of $11.25 per share through three separately negotiated transactions, allowing the
Company’s co-founder and former CEO, as well as two other shareholders, to divest their stake in Vitacost
Great Hill is:
Two investment professionals employed by Great Hill with collectively over 35 years of experience
creating equity value for growth-oriented investors, particularly in the eCommerce, direct marketing and
Internet sectors; and
Two
candidates
with
significant
CEO-
and
Chairman
of
the
Board-level
experience
operating
and
growing
Internet companies
Our nominees will seek to enhance the Company’s management oversight, 
Board-level effectiveness, and corporate governance practices to improve
operational performance and enhance shareholder value
Soliciting consents in favor of the removal of four existing directors and the appointment of four new, highly-
qualified candidates to Vitacost’s Board of Directors
Proposing a number of voluntary self-restrictions, in addition to the restrictions that already prohibit an
acquisition of Vitacost by Great Hill without a supermajority vote of Vitacost’s outstanding stock (through March
2013), to demonstrate Great Hill’s clear alignment with fellow shareholders and to remove any concern that
Great Hill is attempting to acquire Vitacost without paying a control premium


3
Why Vitacost
needs better strategic oversight
Operational underperformance since going public
Manufacturing
problem
in
Q1
2010
during
the
Company’s
seasonally
strongest
quarter
and
only
months
after
the
IPO
(1,2)
Inability
to
manage
shipping
logistics
/
costs
(split-shipping
items
to
customers)
(3)
Significantly
higher
incidences
of
back-order
volume
vs.
historical
norms
(2)
Mix
shift
away
from
high-margin
proprietary
products
to
third-party
branded
products
(3)
High turnover in the critically important yet underperforming manufacturing department
Eigerwand
Bjornstad,
Vice
President
of
Manufacturing,
resigned
in
December
2009;
Company
announced
hiring
of
John
Young,
Director
of
Manufacturing,
on
January 5, 2010 and terminated his employment shortly thereafter
No
replacement
found
to
date;
CEO,
who
has
no
manufacturing
experience,
now
directly
responsible
for
Vitacost’s
vital
manufacturing
operations
Poor Board-level governance to date
Current members of the Board of Directors lack any relevant prior public company director experience and have no direct experience operating Internet,
eCommerce
or direct marketing businesses
Board
of
Directors
approved
the
adoption
of
a
shareholder
rights
plan
(“poison
pill”)
on
March
24,
2010
without
seeking
shareholder
approval
and
will
not
submit
it
for shareholder approval until 2012 at the earliest, if at all
Company over-promised and under-delivered
Communicated a “growth strategy”
(4)
to market prior to IPO, then subsequently issued revenue guidance for Q4 2009 that implied flat quarter-over-quarter growth
Raised outlook for Q1 2010 and then reduced outlook only 2 months later
Revised Q1 2010 outlook to $57.0-$57.5 million in revenue and $0.08-$0.09 in EPS from $58.0-$60.0 million and $0.14-$0.15, respectively
Revised FY 2010 outlook to $235-$245 million in revenue and $0.40-$0.50 in EPS from $245-$255 million and $0.56-$0.63, respectively
The results speak for themselves
This
is
a
critical
year
for
Vitacost
as
it
is
in
the
middle
of
a
plan
to
expand
and
further
automate
a
distribution
center,
expand
its
SKU
count
by
almost
3x
and
bring
more
proprietary
production
in-house.
(5)
Vitacost
needs an experienced Board of Directors capable of helping management execute on its
strategic and operational plans 
(1)
Benchmark Capital, April 21, 2010
(2)
Needham & Company, April 21, 2010
(3)
Roth Capital Partners, April 21, 2010
(4)
Vitacost.com, Inc. Prospectus, September 23, 2009
(5)
Jefferies & Company, Inc., April 21, 2010


4
Relative to the Boards of Directors at comparable companies, Vitacost’s
Board lacks relevant experience
Total Board Members
7
8
6
Prior public or private company Board
experience
0.0%
(0 of 7)
87.5%
(7 of 8)
100.0%
(6 of 6)
Prior eCommerce
experience
0.0%
(0 of 7)
62.5%
(5 of 8)
83.3%
(5 of 6)
Prior marketing experience
0.0%
(0 of 7)
37.5%
(3 of 8)
16.7%
(1 of 6)
Source: SEC filings for Vitacost.com, Inc., Blue Nile, Inc. and drugstore.com, inc.
Note: Percentages reflect number of Board Members that fulfill the appropriate qualification
REPRESENTATIVE EXAMPLES


5
Stock price performance since IPO
Note: Data from September 24, 2009 to May 24, 2010
November 4, 2009: Issued
Q4 2009 revenue guidance
of $48.0-$49.0 million,
implying flat growth on a
sequential basis
February 18, 2010:
Provided strong Q1
2010 and FY 2010
guidance
March 24, 2010:
Board of Directors
approved the
adoption of
“poison pill”
April 21, 2010: Revised
Q1 2010 and FY 2010
guidance significantly
downward


6
Consent solicitation
Vitacost
shareholders are permitted to act by written consent
Great Hill is asking shareholders to consent to the following proposals:
Proposal 1:
amend Vitacost’s
bylaws to allow shareholders to fill vacancies on the Board
Proposal
2:
remove
four
current
directors
(Eran
Ezra,
Stewart
L.
Gitler,
David
N.
Ilfeld
and
Lawrence
A.
Pabst) 
Proposal
3:
elect
Great
Hill’s
four
nominees
(Christopher
S.
Gaffney,
Mark
A.
Jung,
Michael
A.
Kumin
and
Jeffrey
M.
Stibel)
Proposal 2 and Proposal 3 are contingent upon the adoption of Proposal 1
Under Delaware law, each Proposal will become effective when written consents from shareholders holding a majority of the 
outstanding shares (approximately 13.8 million shares) are delivered to the Company
Great Hill has 60 days from the date of the earliest dated consent to deliver sufficient consents
Consents
must
be
signed
and
dated
to
be
valid


7
Great Hill’s nominees for Vitacost’s
Board of Directors
(1)
Assumes total invested capital of ~$150 million and total return
to shareholders of ~$650 million
(2)
From July 28, 2005, the date on which Mr. Stibel
was hired by Interland, until September 30, 2009, the
date on which he resigned from Web.com
Group, Inc.
respectively;
sold
company
to
News
Corp.
for
$650
million,
creating
$500
million
of
value
in
24
months
(1)
capitalization
increased
approximately
400%
under
his
management
(2)
;
Web.com,
Inc.
(NASDAQ:
WWWW),
which
was
Christopher Gaffney
Co-Founder and Managing Partner, Great Hill Partners
Private equity investor since 1986; over 20 years experience
Has delivered approximately $1 billion in sales proceeds to investors on Internet sector investments since 2005, specifically
Current Board participation: LECG Corporation (NASDAQ: XPRT); Jobing, Inc.; Central Security Group, Inc.; and Dental
Economics, LLC
Has served on boards of over 25 public and private companies to date, including BuscaPé.com, Inc., IGN Entertainment, Inc.
and SmartMail, LLC
Mark Jung
Prior CEO of VUDU, Inc., a digital technology and services provider; subsequently acquired by Wal-Mart Stores Inc.
Prior CEO of IGN Entertainment, Inc. where he helped to grow revenue and EBITDA approximately 300% and 1,000%, 
Current board participation: Pioneers of the Inevitable (dba Songbird) (open-source customizable music player); Playhaven
(mobile gaming community); 3PAR (NYSE: PAR) (computer information storage manufacturer); and Metacafe (online short-
form original content video site)
Michael Kumin
Partner, Great Hill Partners; private equity investor with over 11 years experience
Has delivered approximately $1 billion in sales proceeds to investors on Internet sector investments since 2005, specifically
Formerly with Apollo Management, a $10 billion private investment partnership, and Goldman Sachs
Current board participation: Spark Networks, Inc. (online consumer subscription services company; AMEX: LOV); Evolve
Media (privately held online consumer media services company); and Jobing, Inc. (provider of online recruitment services)
Former Board member of BuscaPé.com, Inc. and IGN Entertainment, Inc.
Jeffrey Stibel
Senior executive-level experience at numerous public companies, including Interland (NASDAQ: INLD), where market 
acquired by Website Pros (NASDAQ: WSPI) for $127 million; and United Online (NASDAQ: UNTD), where revenue grew
approximately 700% during his tenure
Founded and subsequently sold Simpli.com, a search engine marketing company, to NetZero for $24 million
Current board participation: Autobytel (NASDAQ: ABTL); BrainGate; The Search Agency; and EdgeCast Networks, Inc.


8
Great Hill’s nominees will seek to:
Ensure that Vitacost’s growth and expansion plans are effectively implemented by management
Further automate distribution centers
Expand SKU count
Manufacture a higher proportion of products in-house
Integrate ERP system with existing software infrastructure
Identify new key leadership to manage critical manufacturing function
Maintain existing customer relationships and optimize new customer acquisition through targeted direct
marketing campaigns
Provide management with appropriate Board-level input going forward, leveraging the nominees’
expertise
Great Hill’s nominees have relevant experience operating, managing and advising private and publicly-traded
eCommerce, direct marketing, and branded consumer retail businesses
Great Hill’s nominees have a strong track record of building strategic assets through organic growth initiatives
and accretive acquisitions, driving improved operating performance, both in terms of revenue growth and
profitability, and ultimately creating shareholder value
Redeem the Company’s poison pill
Prevents long-term, growth-oriented investors such as Great Hill from purchasing additional
shares to support
the stock


9
Great Hill is not seeking control of Vitacost
Great
Hill
is
subject
to
Delaware’s
“interested
stockholder”
statute
(DGCL
Section
203)
Upon the election of Great Hill’s four nominees to the Board of Directors, Great Hill will voluntarily enter into a
standstill agreement with the following provisions:
Voting Restriction:
Affiliate Transactions:
Great Hill only wants to be a partner with Vitacost, its management and its
shareholders to grow Vitacost
and to enhance value for all shareholders
Until
March
23,
2013,
Great
Hill
cannot
acquire
Vitacost
without
the
approval
of
Vitacost’s
Board
and
66²/3%
of
the outstanding stock which is not owned by Great Hill
Non-waivable; Great Hill has no ability to render these restrictions inapplicable
For
three
years,
if
Great
Hill
acquires
more
than
30%
of
Vitacost’s
stock,
Great
Hill
will
agree
to
vote
all
shares
in excess of such amount in proportion to the votes cast by those shareholders not affiliated with Great Hill
Great Hill will agree to an indefinite prohibition against affiliate transactions unless approved by a majority of
Vitacost’s
independent board members, excluding those nominated by Great Hill


10
Profile of Great Hill Partners
About Great Hill Partners
Overview
Boston-based private equity firm
$2.7 billion under management
20 investment professionals
Long-term, growth oriented
Research driven strategy
Target Investment Size
$50-$150 million in equity
Areas of Focus
Business Services
Consumer Services
eCommerce
Education
Financial Services
Financial Technology
Healthcare
Internet
Logistics
Media/Communications
Online Services
Software
Technology Services
Transaction Processing
Deal Characteristics
Market or niche leader
Recurring revenue
Operating leverage
Experienced management
Transaction Types
Growth Equity
Recapitalizations
Consolidations
Buyouts
Great Hill Partners Funds
2008
Great Hill Equity Partners IV, LP
$1.1 billion
2006
Great Hill Equity Partners III, LP
$750 million
2001
Great Hill Equity Partners II, LP
$460 million
1999
Great Hill Equity Partners, LP
$330 million
Representative Investments
Experience
80+ Portfolio Company Investments
$5B+ Raised in 100+ Debt Transactions
250+ Consolidating Acquisitions
BillMatrix
Corporation
Latisys
Corp.
BuscaPé.com, Inc.*
Passport Health
CAM Commerce Solutions
PayChoice
Custom House
Prommis Solutions
Global Tower Partners
SmartMail, LLC*
GMT Group
SecureWorks, Inc.
IGN Entertainment, Inc.*
Spark Networks
Jobing, Inc.
*details follow


11
Great Hill Partners’
Representative Past Investments: BuscaPé.com, Inc.
Latin American online
comparison shopping
Acquired by
Naspers Limited
$374,000,000
BuscaPé.com, Inc., (“BuscaPé.com”) founded in 1999 in São Paulo, is the leading
eCommerce
platform
in
Latin
America,
providing
online
comparison
shopping
services,
free classifieds,
lead
generation,
electronic
payments,
eCommerce
anti-fraud
solutions
and market research
Great Hill invested in BuscaPé.com
in December 2005 and Board members Michael
Kumin
and Christopher Gaffney helped the company to capitalize on and
to extend its
leading brand in Brazil through organic growth and acquisitions,
enabling the company to
increase revenue over 400%
-
Positioned BuscaPé.com
to acquire its leading competitor, Bondfaro
-
Extended the company’s leadership across Latin America through the introduction
of local shopping sites in Argentina, Chile, Colombia and Mexico
-
Broadened portfolio of services to include, among others, QueBarato, the leading
free-classifieds network in Latin America; Lomadee, an affiliate advertising
network; Pagamento
Digital, a provider of electronic payments solutions; and eBit,
an eCommerce
research business
-
Augmented management team by filling open positions with select senior hires
(CFO, COO and VP of Financial Services, among others)
Based on the strength of BuscaPé.com’s
competitive positioning in Latin America,
Naspers Limited (JSE: NPN; LSE: NPSN), the global media conglomerate, acquired the
Company for $374 million in September 2009.  Great Hill netted a cash-on-cash return
of approximately 7.8x and an internal rate of return of more than 70%


12
Great Hill Partners’
Representative Past Investments: IGN Entertainment, Inc.
Online destination for
video game enthusiasts
Acquired by
News Corporation
$650,000,000
IGN Entertainment, Inc. (“IGN”) is the Internet's leading information, entertainment and
eCommerce destination for video game enthusiasts, providing both
free and paid content
and services
Great Hill invested in IGN in August 2003, and Board members Michael Kumin and
Christopher Gaffney helped the company to capitalize on its position as a leader in a
niche online sector and to serve as a platform for accretive acquisitions
-
Investment positioned IGN to acquire its primary competitor, GameSpy, as well as
a number of other strategic online brands, including Rotten Tomatoes, an online
destination for movie enthusiasts, and AskMen.com, a leading male lifestyle
website
-
Launched Direct-to-Drive, the company’s fast-growing eCommerce website
-
Increased scale with continued profitability enhancement
-
Augmented management team with select senior hires (CFO, President and VP of
Business Development, among others)
During Great Hill’s two year investment, revenue and EBITDA grew approximately 300%
and 1,000%, respectively
News Corp. pre-empted an imminent IPO with the acquisition of the business for $650
million
The $650 million sale resulted in over $500 million of value creation in just 24
months for shareholders, including Great Hill, the company’s lead shareholder. 
Great Hill realized a cash-on-cash return of approximately 10.5x and an internal
rate of return of approximately 230%


13
Great Hill Partners’
Representative Past Investments: SmartMail, LLC
Delivery network
for small parcels
Acquired by
Deutsche Post
Global Mail USA
$390,000,000
SmartMail, LLC (“SmartMail”) is a leading provider of expedited shipping services for
lightweight packages (less than 5 lbs.) and flat-sized mail. The company's logistics
services allow business shippers to save up to 75% relative to comparable USPS and
UPS shipping rates 
Great Hill invested in SmartMail in August 1999 and Board member
Christopher Gaffney
supported the management team as it went to work implementing the vision of building a
national shipping network, recruiting management, implementing logistics systems, and
opening new locations
-
Developed new service offerings, including deferred shipping, parcel delivery and
international shipping
-
Expanded the size and enhanced the quality of the salesforce
-
Augmented management team with select senior hires (EVP of Sales
and
Marketing and EVP of Operations, among others)
-
Positioned the company to acquire the number two player in the market,
DropShip, which solidified SmartMail as the market leader in its
sector
During Great Hill’s investment period, revenue and EBITDA increased approximately
300% and 2,500%, respectively, attracting the attention of Wall Street and strategic
acquirors
SmartMail was positioned for an IPO in May 2004 before Deutsche Post USA (DHL)
acquired the business for $390 million, resulting in a cash-on-cash return of
approximately 8.3x and an internal rate of return of approximately 59% for Great
Hill


14
History of Great Hill’s involvement with Vitacost
Great Hill had several discussions with the management team of Vitacost and completed substantial due diligence of the
Company in early-2008 when the Company was exploring a potential recapitalization and funding of an initial manufacturing
in-sourcing initiative
Great Hill continued to track the Company’s progress through its IPO in September 2009
Subsequently met with Company management to evaluate potential opportunities to purchase shares from a number of large
inside shareholders and smaller investors
Great Hill engaged Wayne Gorsek, co-founder of Vitacost, in late-January 2010 regarding the potential sale of his ~17%
stake in the Company; Great Hill subsequently identified two additional shareholders interested in liquidating their positions
Great Hill engaged in a series of discussions with Vitacost management and select Board members detailing ways in which
Great Hill could work with the Company to effectuate a large block purchase of secondary shares and participate
on the Company’s Board of Directors.  These conversations did not result in any agreement on how to structure a transaction
On March 23, 2010, Great Hill acquired a 19.7% ownership stake in Vitacost from three selling shareholders, including
Wayne Gorsek; as part of transaction, Great Hill received a perpetual release and standstill from Mr. Gorsek that protects the
Company
On March 24, 2010, Vitacost announced that its Board of Directors approved the adoption of a poison pill; subsequently, on
March 25, 2010, Michael Kumin had a conversation with Vitacost’s CEO to discuss Great Hill’s surprise and
disappointment with the Board of Directors’ decision to adopt a poison pill and not engage in any conversations with Great Hill
On April 20, 2010, after a series of requests by Great Hill to engage with the Company, Michael Kumin and Christopher
Gaffney met with Ira Kerker and Stewart Gitler to discuss the Company’s poison pill, the issues surrounding the Company’s
revised downward guidance for Q1 2010 and FY 2010 and Great Hill’s interest in enhancing the current Board of Directors;
since that meeting, the Company has been largely unresponsive to Great Hill’s attempts to discuss significant Board
representation
Great Hill would have preferred a consensual resolution to our concerns, but after being rebuffed by Vitacost on multiple
occasions, we felt it necessary to take action to protect our investment


15
($ in millions)
Company
Share
Price
(1)
Market
Capitalization
Firm Value
CY2009A-10E
Revenue
Growth (%)
(2)
CY2010E
EBITDA
(2)
Firm Value /
CY2010E EBITDA
Amazon
$122.12
$54,425.4
$50,091.8
35.0%
$2,598.0
19.3x
Vistaprint
$44.71
$1,955.5
$1,860.5
25.5%
$156.6
11.9x
Blue Nile
$47.11
$683.3
$659.9
15.2%
$32.4
20.4x
Vitamin Shoppe
$23.44
$632.4
$777.0
10.3%
$79.1
9.8x
Drugstore.com
$3.16
$334.3
$318.4
16.3%
$18.0
17.7x
Median
$683.3
$777.0
16.3%
$79.1
17.7x
Average
$11,606.2
$10,741.5
20.5%
$576.8
15.8x
Vitacost
$9.59
$263.6
$237.4
23.7%
$26.6
8.9x
The “opportunity cost”
of shareholder inaction
While we continue to believe VITC is well positioned and its business model is sound, our
confidence in management’s ability to execute has clearly been shaken.  Thus, given our
lack of visibility into the ultimate resolution of these issues and their impact on VITC’s
reputation, we are hard pressed to recommend the stock”-
Leading Analyst
(5)
(1)
As of May 24, 2010
(2)
Based on Bloomberg consensus estimates as of  
May 24, 2010
(3)
As of March 31, 2010, per Vitacost.com
Inc. 10-Q
Vitacost
currently
trades
at
a
significant
discount
to
its
peers
based
on
a
Firm
Value
/
CY2010E
EBITDA
trading
multiple
(8.9x vs. peer median multiple of 17.7x)
Assuming Vitacost
were to trade at the median peer multiple of 17.7x, that would imply a share price of $17.47, which is
82.2% higher than the closing share price of $9.59 on May 24, 2010
(4)
Assumes 2.2 million options exercisable; as of
March 31, 2010
(5)
Oppenheimer & Co. Inc.; permission to quote
neither sought nor obtained
Vitacost
CY2010E EBITDA
$26.6
Median Peer Multiple
17.7x
Implied Firm Value
$471.2
Less: Debt (3)
($9.6)
Plus: Cash and ST investments (3)
44.3
Plus: Option Strike Proceeds (4)
12.3
Equity Value
$518.2
Total Fully Diluted Shares Outstanding (4)
29.7
Implied Share Price
$17.47
Premium to current (%)
82.2%


16
Appendix
Detailed
profiles
of
Great
Hill’s
nominees
Christopher Gaffney (page 17)
Mark Jung (page 18)
Michael Kumin
(page 19)
Jeffrey Stibel
(page 20)


17
Nominee profile: Christopher Gaffney
Christopher Gaffney is one of the co-founders of Great Hill Partners, a Boston-based
private equity firm with $2.7 billion under management focused on growth companies
under
$1 billion in enterprise value.  As a Managing Partner, he shares responsibility for
the general management, investment policy, fund raising and investor relations at Great
Hill Partners.  He also continues to actively pursue new investments and manage
portfolio companies.
Chris’s investing experience includes companies serving business services, online
services, financial services, consumer services, publishing and information, IT services,
telecommunications, logistics, education, insurance, cable and broadcasting.  He
currently serves as a director for a diverse set of portfolio companies, including: LECG
Corporation (NASDAQ: XPRT); Jobing, Inc.; Central Security Group, Inc.; and Dental
Economics, LLC.  Chris has served on the boards of numerous public and private
companies including Great Hill Partners’
portfolio companies: SmartMail, LLC;
BuscaPé, Inc.; and IGN Entertainment, Inc.  He has participated in the private equity
business since 1986, serving as an Associate, Principal, and General Partner for
Media/Communications Partners, a predecessor organization to Great Hill.  Chris began
his career as a commercial lending officer for the First National Bank of Boston in the
specialized media lending unit.
Chris has a degree in Accounting and Economics summa cum laude from Boston
College.
Chris
currently
serves
on
the
Board
of
Trustees
at
The
Wolf
School,
a
special
needs secondary school in Rhode Island.
Co-Founder and Managing
Partner, Great Hill Partners
Private equity investor since
1986; over 20 years
experience
Has delivered
approximately $1 billion in
sales proceeds to investors
on Internet sector
investments since 2005
Has served on Boards of
over 25 public and private
companies to date
Current board participation:
LECG Corporation
(NASDAQ: XPRT); Jobing,
Inc.; Central Security
Group, Inc.; and Dental
Economics, LLC


18
Nominee profile: Mark Jung
Prior CEO of VUDU, Inc.;
prior CEO of IGN
Entertainment, Inc; sold
company to News Corp. for
$650 million, creating $500
million of value in 24 months
Current board participation:
Pioneers of the Inevitable
(dba
Songbird) (open-source
customizable music player);
Playhaven
(mobile gaming
community); 3PAR (NYSE:
PAR) (computer information
storage manufacturer); and
Metacafe
(online short-form
original content video site)
Mark recently served as the CEO of VUDU, Inc., a privately-held Internet digital
entertainment company that was subsequently acquired by Wal-Mart Stores, Inc.
(NYSE: WMT).  Prior to joining VUDU, Inc., Mark served as the Chief Executive Officer
of IGN Entertainment, Inc. (NASDAQ: IGNX), an information, entertainment and
eCommerce
destination for videogame and entertainment markets. From 2003 to 2005,
Mark grew IGN’s
revenue and EBITDA approximately 300% and 1,000%, respectively.
In 2005, IGN Entertainment was acquired by News Corp. (NASDAQ: NWSA) for $650
million.
After
the
acquisition,
Mark
joined
the
Fox
Interactive
Media
unit
of
News
Corp.,
serving as Chief Operating Officer.  Mark began his career at McKinsey & Company in
1983.
Mark currently serves as the Chairman of the Board of Pioneers of the Inevitable (dba
Songbird) and Playhaven.  He serves on the board of directors of 3PAR (NYSE: PAR),
Metacafe,
League
of
American
Orchestras
and
Right
To
Play.
Mark
is
also
a
member
of the Board of Governors of the San Francisco Symphony and a member of the
Golden Gate Chapter of Young Presidents Organization.
Mark received a Bachelor of Science in Electrical Engineering from Princeton University
and an MBA from Stanford University. 


19
Nominee profile: Michael Kumin
Michael Kumin
is a partner at Great Hill Partners, a Boston-based private equity firm
with $2.7 billion under management focused on growth companies under $1 billion in
enterprise
value.
Michael
focuses
on
originating
and
evaluating
investment
opportunities
in
the
media,
Internet,
software,
and
business
and
consumer
services
sectors.
Michael
currently
serves
on
the
Board
of
Directors
for
Spark
Networks,
Inc.
(AMEX: LOV), a publicly-traded company, Evolve Media and Jobing, Inc.  Michael's
prior board seats include BuscaPé.com, Inc., IGN Entertainment, Inc. and Action Media
Holdings, LLC.
Prior to joining Great Hill, Michael served as a co-founder and Executive Vice President
of Creative Planet, Inc., a venture-backed information and technology company
targeting the entertainment industry. Prior to forming Creative Planet, he served as an
Associate
at
Apollo
Management,
a
$10
billion
private
investment
partnership,
where
he
worked with companies in a wide range of industries including media and
communications, financial services and healthcare. He began his investing career as an
analyst with Goldman Sachs' Whitehall funds, focusing on real estate and
restructurings.
Michael received his Bachelor of Arts with honors from the Woodrow Wilson School of
Public & International Affairs at Princeton University.
Partner, Great Hill Partners
Has delivered approximately
$1 billion in sales proceeds to
investors on Internet sector
investments since 2005
Began private equity career in
1994; formerly with Apollo
Management, a $10 billion
private investment partnership,
and Goldman Sachs
Current board participation:
Spark Networks, Inc. (online
consumer subscription
services company; AMEX:
LOV); Evolve Media (privately-
held online consumer media
services company); and
Jobing, Inc. (online
recruitment)


20
Nominee profile: Jeffrey Stibel
Jeffrey
Stibel
currently
serves
as
the
CEO
of
the
consulting
firm
Stibel
Solutions.
Jeffrey
is an entrepreneur and business executive that has helped to start and to grow a
number of publicly-traded and private companies.  He was previously CEO of Interland
(NASDAQ: INLD), where he successfully grew the company’s market capitalization
approximately 400%.  Interland changed its name to Web.com, Inc.
(NASDAQ:
WWWW) in 2006,
and was later acquired by Website Pros (NASDAQ: WSPI; now
known as Web.com Group, Inc. trading on the NASDAQ under the symbol WWWW) in
September 2007 for $127 million. 
Prior
to
Web.com,
Inc.,
Jeffrey
was
General
Manager
and
SVP
at
United
Online
(NASDAQ: UNTD), a technology company that owns and operates leading web
services, including NetZero, Juno, and Classmates.com.  During his tenure, United
Online
grew
revenue
approximately
700%.
Prior
to
United
Online,
Stibel
founded
Simpli.com,
a
search
engine
marketing
company
he
sold
to
NetZero
for
$24
million
and
which is currently owned by ValueClick (NASDAQ: VCLK).
Jeffrey
currently
serves
on
the
board
of
directors
for
Autobytel
(NASDAQ:
ABTL),
an
automotive marketing services company, and several private companies, including
BrainGate, a technology company; The Search Agency, an Internet company; and
EdgeCast
Networks,
Inc.,
an
Internet
company.
He
also
serves
on
the
Board
of
Brown
University’s Entrepreneurship Program and Tufts University’s Gordon Center for
Leadership.
Jeffrey currently writes for Harvard Business School Publishing and has authored
numerous articles and books on a variety of subjects.  In 2009, Jeffrey authored his first
book,
Wired
for
Thought,
which
was
recently
published
by
Harvard
Business
School
Press. He is the named inventor on the U.S. patent for search engine interfaces.  Jeffrey
studied business at MIT’s Sloan School and received his Master's degree from Brown
University where he was the recipient of the Brain and Behavior Fellowship.
Executive-level
experience at
numerous public
companies, including
Interland, Web.com,
Inc. and United Online
Founded and
subsequently sold
Simpli.com, a search
engine marketing
company to NetZero for
$24 million
Current board
participation: Autobytel
(NASDAQ: ABTL);
BrainGate; The Search
Agency; and EdgeCast
Networks, Inc.