Internet postage provider Stamps.com cut 40% of its workforce, or about 240 employees as part of a series of cost-cutting measures. The move is part of Stamps.com's plan to streamline operations. "Although we have nearly $300 million in cash reserves, today's competitive environment demands that we operate our business at maximum efficiency,'' said Stamps.com Chairman Marvin Runyon, in a statement posted on the company's Web site. "These moves will strengthen our ability to attain our profitability goals, while adding value to the company.''This is the latest in a string of employee losses for the company. John Payne, Stamps.com's former chairman-CEO, resigned Oct. 12, leaving Mr. Runyon, a former U.S. Postmaster General, as acting chairman until a permanent replacement is found. A few days earlier, Stamps.com
President-Chief Operating Officer Loren Smith stepped down from his position to resume his role as a director on the Stamps.com board. In addition, both Chief Financial Officer John LaValle and Comptroller Candelarios Andalon have left the company to pursue other interests. Stamps.com named Draft Worldwide, Chicago, in January as its agency of record, but parted ways with the shop several months ago.
Copyright October 2000, Crain Communications Inc.