Chief operating officer and president William Beans Jr. stepped down Monday and was joined by chief financial officer Harry Herbst, as well as Cindy Schonhaut and Carla Wolin, both executive vice presidents. Beans will remain on ICG's board of directors.
The departures mark the second time in less than three months that top executives at the communications and Internet company have left amid financial uncertainty. Former ICG chief executive Carl Vogel resigned in mid-September when the company warned that its sales would slow. Two directors also left at the same time.
Stock in ICG, backed in part by Liberty Media Group, has fallen fast over the past year and now trades below $1 per share. The company filed for Chapter 11 bankruptcy protection in November and continues to operate while it works on a restructuring plan. The company received a loan of $350 million from Chase Manhattan Bank last month as part of its turnaround plan.
ICG is facing struggles similar to those being felt across the communications industry. Part of a capital-intensive industry, many service providers are being crushed by debt and find it difficult to obtain new funding. Sales are slowing, leading to declining profits and slumping stock prices.
Rich Fish, ICG senior vice president of finance, was promoted to chief financial officer, and Gayle Landis and LaCharles Keesee will both now serve as senior vice presidents.