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LoopNet Creates New Executive Post

SAN FRANCISCO-The locally headquartered online commercial real estate marketplace promotes Thomas Byrne, its senior vice president of sales, to the dual role of president and COO.

By Brian K. Miller | Updated on February 07, 2008

SAN FRANCISCO-Amid a lawsuit and a good news-bad news year-end earnings report, the online commercial real estate marketplace LoopNet Inc. promoted Thomas Byrne, its senior vice president of sales to president and chief operating officer, roles previously attended to by LoopNet chief executive Richard Boyle. The newly created position gives Byrne full P&L responsibility and puts him in charge of day-to-day business operations, marketing, sales, account management, engineering and product development.

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.

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