Netzee reshuffles management

Netzee Inc.'s (Nasdaq: NETZ) run of bad news got even worse Monday. The company announced some key executives were leaving on the heels of downward revisions to its financial outlook going into 2001.

Shares in the provider of integrated Internet banking products closed down 0.06 to 1 Friday, a day after the company announced it lowered targets for fourth quarter and 2001, and pushed off its profitability date. The company was also downgraded to "neutral" from "buy" Friday by Robinson Humphrey.

The company said the management changes will allow it to strengthen its focus on core community banking clients

Catherine Silver, President and General Manager, and Paul Golden, Director of Marketing are both departing. Donny R. Jackson, the company's Chief Executive Officer, will assume Silver's responsibilities. Netzee has also named Dan Anderson as a Senior Vice President responsible for all sales activities.

Dan Anderson, formerly with Compass Bank, where he worked with correspondent banks in the investment area, is responsible for overseeing all of Netzee's sales efforts and customer relationship management. His experience working with community financial institutions is expected to enhance the management focus at Netzee, the company said.

Anderson will report to Jackson, who is also a relatively new addition, having been named CEO in October.