lawsuit

In explaining the promotion, Boyle says Byrne has built and managed the company's marketing, sales, client service and account management teams over the past five years and has "consistently over-delivered on the company's revenue, expense and operating targets." Adds LoopNet board member Scott Ingraham, "LoopNet has grown revenues more than 10 [fold] during his tenure and has achieved five consecutive years of operating profit growth."

The new position is designed to allow LoopNet to better align the organization to take advantage of current and future growth opportunities. There also are challenges ahead. Boyle was not immediately available Thursday for comment.

While the company's profit increased 36% to $21.1 million on a 46% jump in revenue to $70.7 million, its premium subscriber base – the ones who pay for enhanced listings and other extras – dipped in the fourth quarter, as did page views per member, and the company also experienced an increase in its cancellation rate. That said, the company has one of the highest profit margins in the space, which makes it an attractive acquisition target. On Wednesday, shares of LoopNet fell $0.46 to $12.04 on heavy trading before rebounding to $12.51 Thursday on normal trading volume.