Daptiv's Pancottine resigns as company seeks new CEO |
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Daptiv's Pancottine resigns as company seeks new CEO
Jeff Pancottine
After more than three years on the job, Jeff Pancottine resigned as chief executive of Seattle-based Daptiv today due to "personal reasons," the company said.
A replacement has not been named at the Seattle maker of online project management software, though Kevin Hickey has been appointed as chairman of the board. Hickey -- who was in attendance at a company meeting today along with other board members -- is leading the search for a new CEO.
Vice President of Marketing Tim Low said he didn't have any more news on Pancottine's departure.
"He made a great contribution to the Daptiv team while he was here, and we’re sad about not seeing him every day going forward," Low said.
Investors remain bullish on Daptiv's progress, including Bay Partners and Kennet which made an additional investment in the company last quarter, Low said. He added that the board is looking for a new "growth-oriented" CEO to lead the company through the next stage.
Hickey is a veteran of IBM and NetPro, which was sold last year to Quest Software for $78 million. He's worked with a number of Kennet's portfolio companies in the past.
Daptiv, a 12-year-old company which helps organizations collaborate on projects, tomorrow plans to release more information on the company's progress during the second quarter.
Among the results is that the company added more than 30 new customers, including the Florida Department of Law Enforcement, Fuzebox, Hawaiian Airlines and Stony Brook University Medical Center.
Daptiv also turned a profit in the second quarter, which Low said was "a great milestone for us." The company cut 24 staffers earlier this year, leaving it with a workforce of 100 people at the time.
John Cook is co-founder of TechFlash. Follow on Twitter @johnhcook.
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