MarchFirst (Nasdaq: MRCH) fell to US$1 in morning trading Monday, losing 13 cents, after the Internet consultingfirm announced that three top-level executives would be leaving.
Departing the company are chairman and chief executive officer Robert F. Bernard, president and chief operating officer Thomas R. Metz and client-services head Joseph Bong. The company did not give a reason for the departures.
Steve Pollema, executive vice president of global operations, was namedMarchFirst’s new president, and a search is underway for a new CEO, the company said.
MarchFirst also said a special committee of directors is evaluating itsoperating and financing plans and strategic priorities.
The departing Bernard, who had been with Marchfirst for 17 years, said he was “proud” of the company’s talented workers and that he was confident that “through their dedication and determination, MarchFirst willemerge stronger than ever as a world-class consulting company.”
The latest executive exits from MarchFirst follow the departures on March 5th of the company’s chief financial officer, Peter Murphy, who was said to be leaving “to pursue other interests.”
MarchFirst named Michael E. Salvati, who was formerly a principal of Oak Ridge Consulting, its new CFO.
Salvati previously served as CFO of Culligan Water Technologies, which was acquired byU.S. Filter in 1998. Before that, he was a partner at KPMG Peat Marwick.
“Michael comes to MarchFirst with extensive experience helping companiesengineer financial turnarounds and deliver improved shareholder value,”Bernard said at the time. “He has a proven track record of successfully managing thefinancial challenges.”