Peapod hit hard by CEO's exit

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Bill Malloy, president-CEO of online grocery service Peapod, Skokie, Ill., resigned March 26, citing health reasons. As a result, four financial backers, who signed letters of intent Feb. 14 to invest up to $120 million in the company, withdrew their funding. Mr. Malloy came to Peapod from AT&T Wireless last fall. Peapod co-founder and Chairman Andrew Parkinson will assume Mr. Malloy's duties. Peapod's stock dropped more than 50% on the news, closing at 3-21/32.

Copyright March 2000, Crain Communications Inc.

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