Joseph P. Gibbs has resigned as president and chief operating officer of Datametrics, a Chatsworth maker of military computer printers.
Two years ago, Datametrics, which had been suffering from severe financial problems, raised $2.75 million from two venture capital firms. One of the requirements of their investment was that several new executives be brought in to improve Datametrics' operations. Gibbs, who had worked for Eaton Corp., was brought in to overhaul and streamline Datametrics' manufacturing systems.
Datametrics' press release said Gibbs left to pursue other business interests. He could not be reached for comment. But John W. Blackburn, a member of Datametrics' board of directors, suggested that Gibbs had been eased out. "A great deal of progress has been made," he said. "But it was the consensus of the board that new leadership was needed to take the company to a new level."
Blackburn said the immediate goal is to reach the $50-million sales plateau.
Datametrics' co-founder, Garland S. White, who is chairman and chief executive, will assume the title of president. But Blackburn said that would only be on an interim basis and that a search is under way to find a new president.
For the year ended Oct. 31, Datametrics earnings fell 25%, to $1.4 million, or 24 cents a share, on a 32% increase in sales, to $24.1 million.