Laguna Hills-based Interchange Corp. said Wednesday that its president and chief operating officer, Michael Sawtell, has left the company.
Interchange, a paid Internet search and advertising services provider, said Sawtell “agreed to resign” from the company on March 31.
“We would like to thank Mike for his contribution to our company over the past five years,” said Heath Clarke, Interchange’s chief executive. “We wish Mike all the best in his future endeavors.”
The company said Sawtell’s resignation “was the result of strategic planning for the future growth of Interchange, and was not due to a disagreement with the company,” according to a release.
Clarke is set to take on Sawtell’s responsibilities until Interchange finds a replacement.
Interchange went public in October and saw its shares shoot up 340% to $30 in the weeks following the offering. But shares have been hit hard in the past few weeks.
The company’s fourth-quarter revenue of $5.9 million fell short of Wall Street expectations. And investors also were spooked by Interchange’s projection of lower-than-expected profits for the first quarter and the year.
Interchange shares closed at $9.3 Wednesday. The company’s market value is about $74 million.
In other recent company news, Interchange said it plans to move its headquarters to Irvine later this year. Interchange said it signed a five-year lease with The Irvine Company for 23,000 square feet of space,more than double its current space.
It also recently hired Ian Niles as its resident research scientist, a newly created position.
Niles, who’s got four degrees including a doctorate in philosophy from University of California, Irvine, is charged with improving the company’s search engine.
