Melville, N.Y.—Cygnus Business Media co-CEOs Carr Davis and Tony O’Brien have resigned from the company, effective today.
Cygnus, which is owned by private equity firm ABRY Partners, expects that it will be sold early in 2009 and as a result its debt load will be lessened. In the meantime, Cygnus will be run by Charles Carnaval, a director at Zolfo Cooper, a consulting firm specializing in interim management.
Since joining the company in 2006, Davis and O'Brien have been credited with helping to bolster its online revenue.
ABRY acquired Cygnus in 2000 for $275 million, and industry observers say the firm will likely sell the company for an amount significantly less than that figure.