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.
death rattle
This would be such bad news if I were one of the mobile companies that just partnered with Napster.
“Nand Gangwani has resigned”
His brother Nor was not an option.
But in an unusual act of generosity, Chris Gorog offered Mr. Gangwani one hundred free Zune Marketplace points and a ride to Dairy Queen.
> His brother Nor was not an option.
Ha ha! Pretty funny…
“Nand Gangwani”
I thought he was on Apple’s help desk.
“next phase of growth”
It’s not a tumor!
– Detective John Kimble
Napster should start selling iPods.
MDN Magic Word = dead
I could not make that up.
I think they forgot a key word in that phrase:
next stages of Negative growth.
Have you noticed how everyone who works at Napster has two or three titles these days?
Well, there must be at least three people who work there: Chris Gorog, Suzanne M. Colvin, and the poor schlep who wrote the press release.
Oh well. Stockholders/traders will sell the stock into oblivion. Microsoft will probably scoop it up on the cheap just because.
I can’t begin to tell you how tiring it is to read such a bitchy web site daily. Your news is timely, I grant, but served with way too much attitude.
Hey, I kinda like the MDN takes, and get your own screen name punk! ;-p
I wonder if she noticed how many red pens and pencils they had been purchasing recently from Staples…..
Well said
Beleaguered with the “Star = registered”
Was Napster a PlayedFerSure partner with MS?
Next phase of de-growth.
Ampar: “Nand Gangwani has resigned”
His brother Nor was not an option….
heh heh heh
I agree with Beleaguered.
MacDailyNews does a great job of gathering Mac related news on day to day basis, but for everything else it’s swimming in the deep end of the kool aid pool.
Bye!
Close the door on your way out.
“MacDailyNews does a great job of gathering Mac related news on day to day basis, but for everything else it’s swimming in the deep end of the kool aid pool.”
@theloniousMac :
Despite your studied disguise, your trollness is showing.
Yeah, what she said.
Lousy Napster! We didn’t sign with them cos they don’t pay out royalties til you’ve accrued £500 (or was it dollars?). How the glaven will little tiny labels with minimal sales ever get a payout? And in the meantime Napster sits on our cash gaining interest. Gits!
In the meantime, thanks to you wonderful MDN readers for purchasing Jules Manning tracks on the USA iTS. I hope you enjoyed the material.
Oh, and here’s another plug
Percy
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Can someone please explain to me how it was a good investment for a company to pay for an employee to commute 350+ miles each day from Los Angeles to San Jose?
-Ampar, “It’s not a tumor!”
Shouldn’t that be ‘tumah’?