Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 2, 2009, the Board of Directors of PlanetOut Inc. (the "Company") appointed Daniel E. Steimle, currently the Company's interim Chief Financial Officer, as the Company's Chief Executive Officer and Chief Financial Officer, effective March 3, 2009.
Mr. Steimle has served as the Company's interim Chief Financial Officer since October 1, 2007. Since 2007, Mr. Steimle has also been a member of Tatum, LLC, an executive services firm, through which the Company is obtaining Mr. Steimle's services. From 2006 to 2007 and again from 2002 to 2004, Mr. Steimle was with CSL Consulting, a consulting firm, where he served as acting CFO and in other advisory capacities for several technology companies. From 2004 to 2006, Mr. Steimle served as Vice President, Chief Financial Officer at Turin Networks, Inc., a telecommunications equipment supplier. From 2000 to 2002, Mr. Steimle served as Vice President, Chief Financial Officer for LGC Wireless, Inc., a wireless infrastructure equipment supplier. Prior to that, Mr. Steimle served as Chief Financial Officer and in other financial management positions for several public and private technology companies. Mr. Steimle holds a B.S. in Accounting from Ohio State University and an MBA in Management/Marketing from the University of Cincinnati.
Mr. Steimle will receive no additional compensation for his appointment as Chief Executive Officer and Chief Financial Officer. The Company will continue to obtain the services of Mr. Steimle through an agreement with an executive services firm, pursuant to which such firm will receive specified consideration as Mr. Steimle performs services.
Other than the compensation arrangement described above related to Mr. Steimle's employment by the Company, there are no transactions to which the Company is or is proposed to be a party and in which Mr. Steimle has material interest.
On March 2, 2009, Karen Magee, the Company's Chief Executive Officer, announced that she would resign her position as Chief Executive Officer, effective March 3, 2009. As a result of her resignation, Ms. Magee is entitled to receive certain severance benefits in accordance with the terms of her employment agreement with the Company. Ms. Magee concurrently resigned her position on the Company's Board of Directors, also effective March 3, 2009.

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