Advertisement

Stamps.com Cuts Jobs After 2 Weeks of Turmoil

Share

Internet postage company Stamps.com laid off an undisclosed number of employees after two weeks of turmoil that have seen the departures of most of its top executives. A company official said the exact number of layoffs, and the reasons for reducing the work force, will be announced Monday. Last week, a group of top executives left the company, including Stamps.com’s chief executive, chief financial officer and comptroller. The company’s president and chief operating officer, Loren Smith, also stepped down from his positions to return to his role as a board member. Company officials have said that Stamps.com is in no immediate financial danger, with more than $300 million in cash. Stamps.com has approximately 500 employees primarily located in Santa Monica and Bellevue, Wash. The company’s stock closed down 3 cents at $2.72 on Nasdaq.

Advertisement