Founder Joel A. Ronning has stepped down as CEO of e-commerce solutions company Digital River. Mr. Ronning will continue to serve as chairman of the Board until December 31, 2012, when he will retire from the board.
Lead independent director Thomas F. Madison has been named interim CEO. The board of directors is conducting a search for a permanent CEO and has retained Spencer Stuart to assist with the process. The board will consider both internal and external candidates for the CEO position.