Beth Bronner, Advo Inc.’s president and chief operating officer, has resigned to pursue other opportunities.
Gary Mulloy, the company’s chairman and chief executive officer, will assume Bronner's day-to-day duties until a replacement is named.
"Despite my decision to leave, I agree with Advo’s overall direction and continue to believe in the strength of its business model," said Bronner in a statement.
The announcement of Bronner's resignation came at almost the same time as the release of the company's financial statement, but Advo spokesperson Chris Hutter said that was a coincidence.
The Windsor, CT-based targeted mail firm revealed yesterday that its second quarter revenue was $271.8 million, up 3.6% from the $262.4 million seen in second quarter 2000. The company’s net income was $9.2 million, up 9.7% from $8.4 million.
Advo had a 4% revenue-per-piece increase, to $38.66. The company mailed 808.3 million packages, up 3.6% from the level during the same period last year.
However the number of pieces per package 5.7% to 7.9. Advo attributed this to softness in its medium-sized local and regional client base.
According to Hutter, Bronner announced her decision to leave earlier this week, and has already left the company. "We observe a quiet period right before earnings. The timing wasn't the best but there is no linkage," Hutter said.
