SAN RAMON, Calif.-- FiNet.com Inc. on Monday announced that Patrick J. Mackin, its chief financial officer, has resigned to pursue other interests.
Mr. Mackin's resignation, effective May 24, comes after months of challenges for mortgage technology company, which changed business models from a direct-to-consumer online lender last year.
FiNet is searching for a successor, the company said.
In December FiNet cut almost 20% of its staff, or around 60 jobs. Moreover, the company's stock price, after falling below $1 last summer, elicited a de-listing threat from Nasdaq. The company performed a 1-for-12 reverse stock split in early March. Shares closed at $1.34 Monday.
Though FiNet cut its net loss to $2.4 million in the first quarter, or 63%, from the same period a year ago, it lost almost $25 million last year, which followed a net loss of $35 million in 1999.