OnTargetjobs (wiki - search) has a new CEO. His name is Michael Tansey. Their former CEO, Allen Paschal, is now labeled founder and chairman.
Paschal gives this reason:
The company has grown dramatically since inception … I was wearing too many hats and it was time to get help running the day to day operations. We wanted top talent and felt we could not recruit the proper caliber talent in the COO position. Mike [Tansey] is better suited to manage onTargetjobs as we grow through our next growth stage.
I have known Mike for years (we both worked at Thomson) and he is the right talent for our needs. Along with [him], we expanded our management team by adding a new EVP Sales (Dan Concannon) and Chief Information Officer (Marie Gant). I will be spending my time on acquisitions and strategic initiatives. Feel free to contact me with any further questions.
Sounds logical, right?
However, sources tell us Paschal was forced out by investment firm Warburg Pincus. Reasons at this point are purely anecdotal but seem to point to the recent acquisition of Regional Help Wanted as a particular sticking point with backers, as it may not have gone as smoothly as planned or as expected.
June 17th, 2008 at 12:26 pm
I don’t see the two pieces of information as necessarily contradicting each other. Was Allen really ‘forced out’? The fact that the new CEO comes from Allen’s old company makes me think perhaps he was really ‘forced up’. Allen is an impressive guy and I’ll lean towards the most generous interpretation based on what I know of him…
June 21st, 2008 at 11:35 am
here’s an interview with Allen where he discusses this management change in person — http://internetinc.com/meet-allen-paschal