Michael Pehl, president of prominent website design and consultancy group Razorfish, has stood down after just one year with the company.
His resignation coincided with a 6% slippage in share value to $14-9/16 at the close of business yesterday. News of his departure triggered a further fall to $11.1/4 in after-hours trading.
Pehl, chief executive officer of i-Cube at the time the corporate technology company was bought by Razorfish in August 1999, was charged with masterminding the integration between the two companies.
Razorfish would miss Pehl’s management experience, said analyst Barry Chubrik of Credit Suisse First Boston: "Losing a grey-haired management person is going to hurt them from a perception standpoint.” However, Chubrik added that the resignation came as no surprise following the successful integration of i-Cube and Razorfish.
Pehl will remain a consultant to Razorfish [and presumably, therefore, unable to offer his management talents to rivals]. “My decision to leave Razorfish was difficult and relates to personal goals at this stage of my career," said he.
News source: Financial Times