SNAP Interactive Appoint Sony Exec To Board

Snap InteractiveSNAP Interactive has just announced a new addition to its Board of Directors, rounding off a strong year of growth.

Last week, the company appointed former Executive Vice President-Finance & Operations for Sony Music Entertainment, Neil Foster to its board, taking effect on the 11th December.

Before joining SNAP Interactive, Foster worked as the Executive Vice President-Operations of video game developer Take-Two Interactive Software Inc, as well as having a number of roles in the music industry.

Speaking about his new position at SNAP, he said: “I am thrilled to join SNAP’s Board at this exciting time in the company’s evolution, particularly as the interactive dating industry has emerged as a leading digital vertical.

“As one of the only public pure-play interactive dating companies, SNAP has a tremendous opportunity to deliver great value to both its subscribers and shareholders as it offers innovative dating solutions in this rapidly growing market.

“I am looking forward to lending my strategic, operational and financial expertise to help SNAP unlock value for shareholders.”

Foster is entering the company with more than 25 years of executive experience in the media sector, which SNAP will use to find new ways to improve growth and drive shareholder value.

SNAP Interactive CEO Alex Harrington said: “We believe that Neil’s involvement will be instrumental as we embark on our growth strategy.

“During his career, he has been at the forefront of transformational change at highly successful media enterprises. We believe his insights will be invaluable as we seek ways to grow both organically and through partnerships and acquisitions.

“Also, we are excited to continue to build our corporate governance practices by adding industry leaders of the highest caliber to our Board, and we believe we are one step closer to our goal of listing on a national securities exchange.”

Earlier this year, SNAP Interactive celebrated its highest ever net income, disclosing a total net income of approximately $0.5m for the three months ending 30th September.

It saw an $285,000 improvement in its income from operations, and its adjusted EBITDA increased to approximately $382,000 for Q3 of 2015.

Find out more about its financial results for Q3 here.