Managers at online real-estate and home improvement company Homestore.com announced that CFO Joseph Shew is leaving the company for personal reasons. Shew joined the Westlake Village, California-based company in 1998 as controller, moved up to vice president of finance, and became CFO in February.
The company has launched a search for Shew’s replacement. That could be a tough assignment. Last month, Homestore reported a wider-than-expected loss for the third quarter. Company management blamed the additional revenue shortfall on a substantial drop in online advertising. Homestore predicted the weakness would continue into the fourth quarter. In October, Homestore announced a restructuring that included the elimination of 700 jobs, or 20 percent of the company’s workforce.
Homestore’s stock price has been in freefall since July, when it traded at more than $35 per share. In midday trading Friday, the price of the shares was down to $2.53. Ouch.
- At Nuevo Energy Co.,Janet Clark has replaced George Nilson as the company’s finance chief. Nilson is resigning to pursue other interests.
Before joining the Houston-based oil-and-gas-exploration company, Clark was vice president of corporate development and administration at Santa Fe Snyder Corp. She holds an undergraduate degree from Harvard University and an M.B.A. from Wharton.
John Giordani is back as executive vice president and CFO at ICN Pharmaceuticals Inc. after nearly two years of medical leave. Giordani joined the Costa Mesa, California-based drugmaker in 1986 and became CFO in 1992. He announced in October 1999 that he was taking medical leave starting in January 2000. Senior vice president and treasurer Richard Meier has been serving as interim finance chief.
Management at E-learning company Plato Learning Inc. said CFO John Buske has been given the additional title of chief operating officer. There was no indication of who Buske replaces as COO.