Paid Inc. CEO Resigns
With his company's stock price at all-time lows, Westborough-based Paid Inc. CEO Greg Rotman has resigned and the company's board of directors has appointed a New York City-based investment manager to replace him, Paid announced.
Paid said Rotman, who co-founded the company, resigned to address personal health issues. The company disclosed in June that Rotman had undergone successful surgery for diverticulitis.
He will remain with the company as a board member and paid consultant.
Austin Lewis, CEO of Lewis Asset Management Corp. and a "long-term major shareholder" of Paid, will focus on separating Paid's intellectual property and celebrity services businesses, working to monetize intellectual property and to grow the celebrity services business line, the company said.
"Austin has a long history of analyzing and evaluating companies and understands how to extract optimal value as evidenced by his turnarounds of previously unprofitable companies," board member Andrew Pilaro said.
Rotman's departure follows a tumultuous summer for the entertainment industry management and marketing company, which saw its stock price hit a 52-week low in June. And it fell further this week to 6 cents. Founded in 1999, Paid's highest share price was 72 cents in 2004
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