Beleaguered Napster today announced that Nand Gangwani has resigned as vice president and chief financial officer effective at the end of the calendar year. Mr. Gangwani has been commuting from his home in the Bay Area to Los Angeles for the last four years and has decided to step down for personal reasons. Mr. Gangwani’s last official day at the Company will be December 31, 2007, but he will remain available to Napster during the transition period
“Suzanne M. Colvin, Napster’s vice president finance, and corporate controller, will serve as the Company’s interim chief financial officer during the transition while a search is conducted for Mr. Gangwani’s replacement. Ms. Colvin is a certified public accountant and has been managing the Company’s finance, accounting and compliance efforts since 2004. Spencer Stuart, a global executive search firm, has been engaged to conduct a search for a chief financial officer who can serve in Napster’s Los Angeles headquarters and help guide the Company through its next phase of growth,” Napster’s press release reads.
“Our fiscal third quarter is on track with our prior outlook and we are making strong progress with new and existing mobile carrier partners,” said Chris Gorog, Chairman and CEO of Napster, in a statement.
Source: Napster, LLC.
MacDailyNews Take: Me Gorog. First, secret plan no work. Now, me need new CFO. Ugh!
And, come on, who’re they trying to kid with this “next phase of growth” stuff? “Next ever-smaller spiral around the bowl” is more like it. Beleaguered Napster has never posted an annual profit.