Sorenson said he will remain involved with the site, with Sheer assuming day-to-day oversight in January.
In an email to Vault.com staff, Sorenson wrote:
As you are all aware, the past year has been a challenging time for Vault, along with many other companies. All of our customers—corporate, individual and institutional—have been adversely affected, which, in turn, has presented us with stiff headwinds. As I write this, the economy appears to be stabilizing, and even improving in certain sectors, though full recovery is not yet upon us.
Despite these headwinds, we’ve successfully navigated Vault through the worst of the economic meltdown. 2009 has become a period of right-sizing the company, and we now see 2010 as an opportunity to focus once again on growth. One of our goals will be to identify and strike the right strategic approaches and relationships to move Vault forward.
With this change in focus, I have decided, along with the board and VSS, that we need to beef up our senior management and strengthen our strategic efforts by bringing on someone with different knowledge, skills and interests whose experience and passion is in growth platforms, strategic partnerships and Internet deal-making. So we have asked Claude Sheer, a digital-media and technology-publishing industry veteran, to join Vault as CEO, effective Monday, Dec. 7. I will become chairman of the board for Vault and serve as a consultant to the company.