One day after announcing that the company is exploring the possibility of an
outright sale, digital-subscriber-line reseller Rhythms NetConnections Inc. said
chairman and CEO Catherine Hapka tendered her resignation April 2.
Hapka's last day on the job will be May 1, the company said, adding that
president and chief operating officer Steve Stringer has assumed her
responsibilities in the meantime.
'I believe Steve Stringer has the ability to lead Rhythms through the
challenges that lie ahead,' Hapka said in a press release.
Those challenges include raising more money for the cash-strapped DSL
company, which saw its stock close Tuesday at about 15 cents per share. The
company is in jeopardy of being dropped from NASDAQ. Yesterday, however, it said
it has enough to make it to January.
Rhythms isn't the lone sufferer among DSL resellers. Bankrupt NorthPoint
Communications Inc. is pulling the plug on its 100,000 subscribers, and Covad
Communications Co.'s stock was hovering at just a hair above $1 per share as of
Tuesday's market close.
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