Fogdog loses top executive, board member
The online sporting goods retailer says chairman Brett Allsop and a board member have cut ties with the company.
Brett Allsop, the company's chairman, resigned from the e-tailer as well as from its board. Ralph Parks, who was serving as a director on the company's board, will replace Allsop as chairman, Fogdog company said.
Fred Gibbons, an early private investor in the company, also resigned from the board.
Fogdog's stock, like that of many e-tailers, has skidded to an all time low. At the 1 p.m. PT close of regular trading, shares of the online sporting goods store hit a new 52-week low, down 44 cents, or 16 percent, to $2.38. The stock hit a high of $22 during the past 52 weeks, and it has plunged 75 percent year-to-date.
"With our decision to re-evaluate our international efforts until market conditions improve, (Allsop) has decided to move on to new challenges," said Tim Harrington, Fogdog's chief executive.
In the past month, several consumer e-commerce companies have faced employee defections or have been forced to lay off workers as the market environment hostility toward the once popular sector has persisted unabated.
This week, e-business software maker J.D. Edwards said it is cutting 800 jobs, or 13 percent of its work force.
In the past two weeks, toy e-tailers KBkids.com and Toysmart.com also announced job cuts and executive departures. Then Friday, Toysmart shut its doors for good.