PaperExchange.com president and chief executive Kent Dolby has announced his resignation citing personal reasons.


His departure is the latest in a series of blows to hit PaperExchange.com, which withdrew its initial public offering three months ago (PrintWeek, 8 September).


A sudden stroke suffered by his brother is thought
to be a factor in Dolby's resignation, along with commuting from his Philadelphia home to PaperExchange's Boston headquarters.


"I think it is the right time for him to step down. The demands on his time were huge and in the end he wasn't sure if he wanted to stick with us," said PaperExchange.com Europe managing director Colin Carroll.


Chief technology officer Bob Brenner will be promoted to chief executive post, with chief finance officer Duane DeSisto becoming president.


"I feel good about the appointments. Bob will focus on the vision and technology, and Duane will focus on operations," said Carroll.


"Our business model has changed and will continue to change, and we will make other executive changes along the way."


Carroll gave an indication that the days of an endless pot of cash were over for the dotcoms, perhaps a factor in the decision to appoint DeSisto as president.


"A year ago if there was a choice of doing it cheap, or lengthy and expensive, a dotcom would go for the latter.
"Now we have to account for every dollar spent, but that doesn't mean we have a funding crisis," said Carroll.


Story by Andy Scott