Internet mailing and shipping services company Stamps.com Inc.,
trading near a 52-week low in its stock price, said today that its president
is returning to his role as a board member and the CFO and comptroller have
resigned.
The company did its best to put a good face on the news, issuing a statement
from Chairman and CEO John Payne saying that “…people often seek assurances
about the soundness of a company’s financial and accounting procedures when
key financial executives leave. There are no such issues in this situation.”
“We remain very well positioned to continue the drive towards achieving our
business objectives,” he said.
Stamps.com said that Loren Smith, “who served as president and chief
operating officer during a critical period of growth for the company,” has
returned to his primary role as a director.
Also, Chief Financial Officer John LaValle and Comptroller Candelario Andalon
are leaving the company “to pursue other endeavors,” Stamps.com said.
The company plans to fill all three positions.
The company’s stock was trading at $3.46 at mid-morning, down 4.31 percent.
The company’s 52-week high is $98.50; the low is $3.43.
“When Loren agreed to take on the role of president and chief operating
officer last October, Stamps.com was entering a crucial time of expansion and
reorganization,” said Payne. “We are grateful for his contributions that have
helped grow Stamps.com into the clear leader in its space, and we are pleased
he will continue in his original role as a member of our board.”
About LaValle, Payne said: “As chief financial officer, he played a role in
the execution of transactions in 1999 that raised significant capital for the
company and resulted in our acquisition of iShip.com. We wish him well with
his future endeavors.”
Stamps.com is being sued for patent infringement by mailing machines company
Pitney Bowes Inc. The company has called the suit baseless. Its stock sank 6
percent on the news last September, however.
Stamps.com operates three business units focused on providing e-services
allowing small businesses, large corporations and e-commerce companies to
manage their mailing, shipping and returns operations.
