Stamps.com, the Santa Monica-based online provider of stamps and shipping services, said Monday that three of its top officers stepped down, news that caused its once highflying shares to drop to a record low before recovering somewhat.
The company's shares fell as low as $3.25, then closed off 13 cents, or 3.5%, at $3.50 on Nasdaq, after the company announced that its president, chief financial officer and comptroller had resigned. The stock traded as high as $98.50 late last year, but has been in a tailspin since. The company has lost $136 million on sales of $6 million over the past 12 months.
Loren Smith, who took over as president and chief operating officer last October, said he would return to his role as a board member. Chief Financial Officer John LaValle and Comptroller Candelario Andalon departed to "pursue other endeavors," according to a statement from the company.
No successors were named Monday for any of the positions.
Chief Executive John Payne dismissed suggestions that the departures were an ominous sign for the company's prospects. "People often seek assurances about the soundness of a company's financial and accounting procedures when key financial executives leave," he said in a prepared statement. "There are no such issues in this situation."