BEATSON RESIGNS AS CEO, CHAIRMAN OF CIRCLE
Circle International Group Inc. said Monday that David I. Beatson has resigned as chairman and chief executive officer of Circle to become chairman and CEO of a new e-commerce venture.
Peter Gibert, a Circle board member who served as chairman and CEO from 1992 to 1998, has been named interim chairman and CEO.
“This was a difficult decision,” Beatson said. “We built a great team at Circle and have seen strong customer and investor support for our growth plan. I believe Circle is well positioned for future competitiveness and industry leadership.”
San Francisco-based Circle reported last week that its first-quarter net income rose 68 percent to $3.2 million, propelled by the absence of Y2K computer expenses.
However, Circle's stock dropped 20 percent in NASDAQ trading Monday.