FORT MYERS, Fla.-Shares of NeoMedia Technologies Inc. continued to slide after the company’s President and Chief Executive Officer Charles Jensen stepped down.
Jensen, 63, joined NeoMedia as CFO at the company’s 1995 inception, and succeeded founder Charles Fritz as CEO nine years later. Fritz, who serves as the company’s chairman, will act as interim CEO in Jensen’s wake.
NeoMedia garnered substantial media attention earlier this year, buying its way into the mobile marketing space during a $60 million acquisition spree. The company has suffered buyer’s remorse in recent weeks, though, selling two of its recent acquisitions back to their original founders.
The corporation, which recorded a $29 million third-quarter net loss, also hopes to sell off its micro paint repair company and focus on its qode product line. Like other barcode programs, the qode system allows camera phones to take a picture of an image and transmit the photo to receive mobile content or deliver the user to a wireless Internet site.
Shares of NeoMedia, which have fallen steadily since July, lost more than 10 percent following the announcement, dropping one cent to trade at 7 cents each.
NeoMedia CEO bids farewell
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