Online incentive marketer MyPoints.com lost another top executive this week, with executives saying Friday that the company’s chief operating officer, Chaz Berman, has left “to pursue other interests.”
The news comes a day after the company’s stock set a new 52-week low of $1.125. Shares of MYPT wound up finishing the day at $1.825, still well off its high of $97.69.
As a result of Berman’s leaving, the company’s newly appointed president, Layton Han, will assume the COO’s operational responsibilities.
The departure is the latest in a series of management changes for the embattled San Francisco incentive marketer, as the company comes to grips with difficult times and weakening revenues.
In November, company founder Steve Markowitz resigned as chief executive, following one of the worst quarters in the company’s public operating history. MyPoints reported quarterly revenues of about $14.5 million, in line with lowered expectations that came after the company issued a profit warning in October.
At the time, MyPoints also bumped up Han, then its vice president for business development, to the post of president to oversee day-to-day operations and cover for Markowitz’ departure.
Now, as a result of Berman’s leaving, Han will be effectively forced to wear yet another hat in the company.
The company put a good face on its latest executive departure, calling the news a “streamlining” of management functions. According to a statement released by the company’s directors, incorporating the COO position under Han will allow it “to provide better focus on its core business.”
The company said that it is still searching for new CEO, and said it expects to announce a replacement in the first quarter of 2001, and is currently considering “several highly qualified candidates.”