Metricom, the troubled provider of the Ricochet wireless Internet service, announced it would slash its work force by 179 employees, or 22 percent, as it struggles to bring its operating expenses under control. The company also said that CFO James Wall and Robert Mott, senior vice president of engineering, have resigned. David Pangburn, the company's longtime corporate controller, will assume the CFO role, Metricom said.
The executive departures come less than a month after the resignation of Chief Executive Timothy Dreisbach. Shares of San Jose, Calif.-based Metricom have sunk to about $3.70 after soaring as high as $78 during the past 52 weeks.