CFO Gene Riechers announced today that he will resign later this month to manage a new venture capital fund.
Riechers will oversee the Pegasus Venture Partners, an affiliate of Friedman, Billings, Ramsey & Company.
"This is a once-in-a-lifetime opportunity," Riechers said in a statement. "It is the culmination of a career path that I have been on for some years. I am very excited about this personal opportunity to help build a unique venture capital firm."
CyberCash, a software maker for secure financial transactions over the Internet, last month reported a larger than expected third-quarter loss of $7.7 million, or 72 cents a share. Analysts had been expecting a loss of around 61 cents a share.
CyberCash officials said Riechers will be missed.
"We hate to see Gene go, but this is a great opportunity for him and we wish him well in it," said William Melton, president and chief executive. "Our team is well positioned to bridge this transition smoothly and to capitalize on the coming growth of Internet commerce."
CyberCash has recently formed strategic partnerships with such players as Netscape Communications. The two companies will incorporate CyberCash's micropayments software, CyberCoin, into the Netscape Web browser and electronic commerce software.