|FiNet.com, Inc. (NASDAQ: FNCM news) announced that its Chief Executive Officer, Rick Cossano has submitted his resignation. The departure was announced in conjunction with a restructuring of FiNet's business operations. Dan Rawitch, Vice Chairman and former CEO, will assume the role of Interim CEO during the company's restructuring.
Mr. Cossano commented, "FiNet.com's strategic repositioning has encouraged me to explore other business opportunities within the mortgage industry. I have enjoyed my experience as CEO of FiNet and believe that my personal interests and the future of the company will be enhanced by this decision."
FiNet said that the restructuring of its business operations will reduce its dependence on the wholesale mortgage banking business, dramatically reduce operating expenses and evaluate higher margin business opportunities. FiNet conducts wholesale mortgage activities through Monument Mortgage, Inc.
Two weeks ago, FiNet.com announced that its Chief Financial Officer, Patrick J. Mackin, resigned to pursue other interests. It has been struggling to stay listed as a NASDAQ stock, most recently through a one-for-twelve reverse stock split. The San Ramon, California company hasn't seen a profit since 1996.
FiNet shares closed Friday at $1.25, up fourteen cents. The stock had traded as high as $2.44 on March 13, 2000.