CANADA: Peachtree loses second CEO in three months
Louis Brouillet is set to become the second CEO to walk out of the troubled Montreal-based e-grocery services firm Peachtree Network Inc in just two and a half months.
It was announced in a statement yesterday that Brouillet would be leaving the company due to personal reasons, but the unexpected departure is causing much speculation among industry watchers.
As a provider of technical services to e-grocery stores, Peachtree is having a rough ride in the current climate of adverse market conditions for Internet trading. The company is known to have used up the majority of its cash, and last month it slashed 40% of its workforce and announced that it was looking for a buyer.
In May, CEO and co-founder of Peachtree, Gregory Kalinin, resigned to pursue a career away from the high-tech sector.
Brouillet will remain a director at the company, and will assist with Peachtree's ongoing restructuring plan.
It is unknown who will assume Brouillet's role until a replacement is found. An annual meeting of shareholders has been called for 30 August.
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