LookSmart looking for a new CFO

LookSmart Ltd., a provider of online advertising technology and services, is searching for a new chief financial officer to replace John Simonelli, who is planning to retire, the company says.

“John has been an effective partner during this phase of the company’s development and we will certainly miss him,” president and CEO Dave Hills says. “At the same time, all of us support his decision to spend more time with his family. We are confident in our operational and financial controls and processes which John played a key role in developing, and his willingness to remain on board while we find and integrate a replacement speaks to his dedication and enthusiasm for the company.”

LookSmart also announced today that given added visibility into the second quarter which ends June 30, 2007, it preliminarily expects that its financial results will meet or exceed prior guidance provided to the market. For the second quarter, the company now expects to report a total revenue increase of 25%-27% year-over-year, an increase from its previously issued second quarter guidance of a total revenue increase of 20%-25% year-over-year. Also, as previously guided, for the second quarter the company continues to expect gross margins of 42%-43% and operating expenses to increase approximately 5% year-over-year.

San Francisco-based LookSmart offers advertisers targeted pay-per-click Internet search advertising and online banner ads through an online distribution network. It also offers more than 160 vertical search sites in more than a dozen categories.