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13 Feb 2001
Two senior executives at buy.com resigned today in the wake of last week's disappointing fourth-quarter earnings report and the introduction of a range of restructuring initiatives designed to cut costs.
At the time, the supplier laid off 10 per cent of its workforce, sold its UK operation to retailer John Lewis Partnership, discontinued a joint venture in Australia and announced plans to close its Canadian website in a bid to make profits.
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Today, however, buy.com announced that Gregory Hawkins, chairman and chief executive, will be superseded as interim chief executive by board member James Roszak until a permanent replacement is found, while board member Douglas Kendall will step in as chairman.
Chief financial officer Mitch Hill will be replaced by Robert Price, who formerly held the same position at PairGain Technologies.
Following the news, buy.com's share price had risen by 16.7 per cent to $0.6563 as vnunet.com went to press.
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