Daryl Otte, who has served as TheStreet’s CEO since long-time chief exec Thomas Clarke stepped down in March, will remain in the post as the final selection, the financial news site said. Rumors had been swirling in recent weeks that TheStreet (NSDQ: TSCM) would turn to an outsider, possibly someone from Yahoo, to take over for Clarke. Talks with other candidates apparently fell through, and so Otte, who has been director of TheStreet.com since 2001, gets to remove the “interim” designation.

SEE ALSO: TheStreet.com Cuts 18 Staffers; Layoffs Part Of $2.4M Cost-Cutting Plan

Before coming to TheStreet, Otte co-founded VC firm Montefiore Partners in 2000. Prior to that short stint, Otte was an SVP and a member of the executive committee of media company Ziff-Davis, where he handled acquisitions, investments and business development projects. He has his work cut out for his in his new role. While TheStreet was able see healthy traffic growth as result of insatiable interest in news about the financial meltdown last fall, the company failed to stem the fall of ad revenue. Two months ago, 18 staffers were laid off as the company began pursuing a $2.4 million cost-cutting plan.