Digital River CFO Donnelly Promoted to President

Tom Donnelly has been appointed president, a newly created position, while the company searches for a new chief financial officer.

Eden Prairie-based Digital River, Inc., announced Friday that its chief financial officer (CFO), Tom Donnelly, has been promoted to the newly created position of president.

Donnelly, who joined the company in 2005 as treasurer and vice president of finance, will continue to serve as CFO while the company searches for a replacement.

In his new position, Donnelly will be responsible for leading the company's global e-marketing, sales, and client delivery organizations for its core enterprise commerce businesses-including software, consumer electronics, and games.

Just four months after joining Digital River, Donnelly was promoted to CFO, a position in which he was responsible for worldwide finance, human resources, investor relations, and legal matters. Over the past year, Donnelly has also managed the company's delivery and IT organizations.

Prior to joining Digital River, Donnelly served as CFO and chief operating officer of Net Perceptions, Inc. He has also served in senior operating and transaction-related positions at several other technology corporations.

“Tom is an exceptional leader with deep knowledge of our business and solid relationships with our clients, employees, and shareholders,” Joel Ronning, Digital River's CEO, said in a statement. “His appointment to president is part of a natural progression and important step in our plan to accelerate growth, drive quality, and expand our global footprint.”

Digital River is among Minnesota's 55-largest public companies based on revenue, which totaled about $363.2 million in 2010.