LeapFrog's controller resigns
By Brent Felgner -- Playthings, 3/29/2007 8:10:00 AM
EMERYVILLE, Calif.—Educational toymaker LeapFrog Enterprises on Thursday said its vice president, controller and chief accounting officer, Karen Luey, will resign effective April 20, to “pursue a management position with another company.”
In a filing with the Securities and Exchange Commission, the company said it is actively looking to replace Luey, but after her departure and until then, CFO William Chiasson will serve as principal accounting officer, with other of her duties handled by members of LeapFrog’s finance department.
Luey is the most recent in a string of departures and shuffled responsibilities among senior management at the struggling toymaker, currently in the throes of a massive turnaround effort. LeapFrog reported a full year 2006 loss of $145 million on a 22 percent decline in net sales to $502 million.
