April 26, 2005 12:00 PM, EDT

Segmentz Shakes Up Management; CEO Steps Down

Move Follows $2.2 Mln. Fourth-Quarter Loss

Click here to write a Letter to the Editor.

ransportation and logistics services company Segmentz Inc. said Tuesday its chief executive officer and chief operating officer had resigned and that it added a new board member.

The company said in a statement that Allan Marshall had resigned as CEO but will remain on its board of directors.

Segmentz on March 30 reported it lost $2.2 million or 8 cents a share in its fourth quarter, which it attributed in part to increased expenses, acquisitions and technology spending. (Click here for previous coverage.)

The company said Jennifer Dorris will replace Dennis McCaffrey, the company’s COO, on its board. McCaffrey will remain with the company.

Dorris was formerly the chief financial officer of SmartMail LLC. She will chair the company’s audit committee, Segmentz said.

he board will assume a more active role in the company’s management an interim basis until a permanent CEO is hired, Segmentz said. Jim Martell was elected chairman of the board.