SAN FRANCISCO, Oct. 17 – InforMax today announced major changes in its leadership, including CEO Alexander Titomirov leaving his post and president and COO James Bernstein retiring.
Both executives are company founders.
Titomirov will step down as CEO upon hiring of a new CEO, according to the company. The recruiting company Heidrick & Struggles has been hired to recruit the new executive, which the company hopes to do by the first quarter 2002. Titomirov will remain chairman of the board of directors.
Bernstein will retire as president, COO, and a member of the board as of December 31, 2001, according to the company. John Green, currently executive vice president and chief financial officer of the Bethesda, Md.-based bioinformatics company, has assumed the duties of COO.
Earlier in the week, InforMax slashed its third-quarter revenue forecast and indicated that its losses for the period would be greater than expected as a result of purchasing delays triggered by a downturn in the overall economy.
InforMax, which has a cash balance of $65 million, earlier in the week said that it expected to reach profitability by the fourth quarter of next year.