NBC Internet Inc.’s President and Chief Operating Officer Edmond Sanctis resigned Friday.
NBCi said Sanctis, who has also served as COO of NBC’s and CNET’s Snap.com portal and spent seven years in executive roles within the NBC family, will pursue other interests and that his position will not be replaced.
“I’m very gratified to have accomplished so much in my seven years with NBC, Snap and NBCi,” Sanctis said. “I’ve enjoyed working with Will (Lansing, chief executive officer of NBCi) these past seven months and, as we’ve streamlined the company together, it has become evident that there is overlap between our two positions. So I have elected to leave NBCi to pursue new opportunities. I am very confident that with the launch of the new NBCi portal this fall, we have the company headed in the right direction.”
However, according to a report by CNET, dollars may also have played a role in Sanctis’ decision. According to the company’s June proxy, Sanctis, 37, received an options grant of 500,000 shares with a strike price of $52.50 when he stepped into his position with NBCi. But NBCi stock has taken a beating since reaching its 52-week high of $106.12. Greater-than-expected second quarter losses and crumbling investor confidence took its toll. At close Friday, the company’s stock was trading at $5.18.
