As of Sept. 30, Chief Financial Officer David Cooper will assume the added title of chief operating officer and be responsible for day-to-day management of the company, AvantGo said in a statement. Meanwhile, board member James Richardson will become chairman, and the company will begin a search for a new CEO. Owen, who led the company through itsin September 2000, is resigning to pursue other interests, the company said.
The company also said it expects its stock to move from Nasdaq's National Market to the exchange's SmallCap market, also by month's end.
"The move to the SmallCap Market should not interfere with our business goals of delivering our mobile enterprise software solutions to Global 1000 customers," Cooper said in a statement. "AvantGo meets all other financial criteria for continued listing on the Nasdaq National Market, but our stock, like the stock of many other technology companies, has closed below the minimum $1.00 per share trading level for the allotted time."
Indeed, AvantGo has had its troubles of late, as have many companies aiming to sell large companies on the idea of using handhelds for corporate data. In July, the company announced it would40 percent of its work force amid lower revenue. Last year, the company had a 15 percent in staff.
AvantGo is best known for its consumer program that lets people download news and other information to their handheld computer, but most of the company's revenue comes from its business customers.
Last month, AvantGo announced aversion of its consumer service. Recently, the company also has been trying to collect more demographic data from users of the free service.