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LookSmart chief resigns

Search company LookSmart said this week that its chief executive, Jason Kellerman, will step down following the loss of the company's biggest customer, Microsoft. Kellerman, who will vacate his seat on the board of directors, will be replaced immediately by Damian Smith, former head of LookSmart Australia. Smith's position as CEO will be temporary, and Looksmart's board will conduct an executive search for a permanent chief.

San Francisco-based LookSmart provides sponsored search listings to third-party Web sites. Microsoft's MSN property was its largest liaison for the past several years, providing nearly 67 percent of the company's revenue. That partnership ended Jan. 15, and LookSmart is struggling to restructure its business. To this end, it has laid off more than half its staff, sold assets of its Australian operation, and closed its U.K. unit.