issued a terse statement today saying that
its former chief executive officer, John Payne, who had remained with the
company as a director, has resigned from the board.
The online postage company said Payne is also resigning his position on the
board of directors of EncrypTix Inc., a majority-owned subsidiary of
The statement contained no explanation. Payne served as chief executive
officer of Stamps.com from August 1998 to October 2000.
Online postage has proven to be a tough business model in which to succeed;
rival E-Stamp exited the postage business late in November, saying it would
instead concentrate on its Web-based shipping and logistics solutions.
Deep-pocketed Pitney Bowes is the other competitor in this space.
Stamps.com, which has never made any money, was trading at $2.37 this
morning. At one time its stock was in the $98 range.
Marvin Runyon, former U.S. postmaster general, continues in his role as
chairman of Stamps.com. Bruce Coleman remains as CEO there and Jim Rowan
continues as president and CEO of EncrypTix.