Along with its third-quarter earnings report issued on Nov. 2, MyPoints.com announced that its CEO Steve Markowitz resigned.
Markowitz has been a high-profile member of the Internet marketing industry since his launch of Intellipost in 1997. Intellipost's core product BonusMail, a loyalty program that rewards consumers for interacting with client companies via E-mail, is still in existence even though his company was later rebranded as MyPoints.com.
MyPoints.com has not been spared the wrath of a significant market shift as it reported a net loss of $23.4 million in the third quarter against revenues of $14.5 million.
The company, which has 16.1 million unique members, is less 123 employees which were other let go or spun off into a new company called MagnaCash last month. The company now has approximately 300 employees.
“I believe that the company needs a chief executive experienced in taking high-growth companies to the next stage of development,” said Markowitz in a formal statement. He will stay on as a board member.
