Drugstore.com Replaces CEO, Reports Cut in Fourth-Quarter LossesDrugstore.com cut its fourth-quarter losses by 44 percent from the previous year's period, the company reported Friday. It also said that chief operating officer Kal Raman will replace Peter Neupert as president/CEO.
Raman joined Drugstore.com in 1998 as the company's chief technology officer. The Bellevue, WA-based company did not indicate Neupert's future plans.
Outside a $7.3 million restructuring charge and other costs, the online pharmacy had a fourth-quarter net loss of $21.8 million, or 33 cents a share, compared with a loss of $38.9 million, or 86 cents a share, in the year-ago quarter. Its fourth quarter ended March 31.
The Web firm, which sells prescription drugs and health/beauty products, reported that fourth-quarter revenue grew to $32.8 million from $22.7 million in the year-ago period as it added 171,000 new customers.