BEVERLY HILLS, Calif. (Dow Jones/AP) — On the same day it withdrew its initial public offering, online matchmaker MatchNet PLC’s president and chief executive resigned Thursday and the company said it plans to cut 40 jobs, effective immediately.
The Beverly Hills-based company, which owns AmericanSingles.com and Jewish dating site Jdate.com, said chief executive Todd Tappin resigned to pursue a new business opportunity, but will remain on the company’s board.
The company named David Siminoff, who has served on MatchNet’s board since February, as its new chief executive.
MatchNet said it withdrew plans for the IPO because of a faltering market for Internet-related IPOs, and said it would reconsider a U.S. offering next year if market conditions improved.
The company originally filed for the IPO on Aug. 4, offering to sell up to $100 million in common stock.
Net proceeds would have been used to expand the company’s marketing efforts and for general corporate purposes, including working capital and capital expenditures
MatchNet also reiterated its 2004 full-year forecast of revenue between $65 million and $70 million and the achievement of positive adjusted earnings.
