CEO of Outpost.com steps down, shares fall

Internet retailer Outpost.com (Nasdaq: COOL) announced Friday that Robert Bowman has resigned as Chief Executive and will be replaced by current CFO Katherine Vick.

Shares of Outpost were off nearly 20 percent, down 0.41 to 1.66.

Bowman is leaving the company to take a position with Major League Baseball as head of new media and Internet operations. He will, however, stay on as a member of Outpost's Board of Directors.

His successor, Vick, who has been with the company since 1997, stressed the continuity of the transition. On a conference call, she downplayed concerns over the shakeup saying that the "business is the same business, the people remain the same people."

She also reaffirmed that the Outpost expects to meet its quarterly numbers. For the third quarter, First Call expects the company to report a loss of 20 cents a share on revenues of $95 million.

Paul Williams, Outpost.com's current senior vice president for business development and finance, will assume the position of chief financial officer.

Shares of online retailers have been hit hard of late, with stock of companies like Outpost.com and Amazon.com (Nasdaq: AMZN) falling to new lows.

Reuters contributed to this report.