Want CNET to notify you of price drops and the latest stories?

Modem Media names new CFO

Modem Media shares were off 28 cents, or 12 percent, to $2.63 Monday after it named Frank Connolly as its new chief financial officer.

Connolly, who previously held the same position at E-SYNC Networks, will report to CEO G.M. O’Connell, the company said in a prepared release.

Modem Media shares have mirrored the rest of the Internet sector in the past year, rallying up to a 52-week high of $56.94 in March before plummeting to a low of $2.50 a share earlier this month.

“Frank's leadership and operational skills combined with his industry experience in consulting, CRM services and e-business, make him a great addition to our senior management team,” O'Connell said in the release.

Last quarter, Modem Media surprised analysts by posting a profit of $1.5 million, or 1 cent a share, excluding charges, on sales of $37.8 million.

First Call Corp. consensus expects it to report a loss of 10 cents a share on sales of around $36 million in its fourth quarter.

Despite the stock’s unfettered decline in recent months, all five analysts tracking it maintain a “buy” recommendation.