Note: The Skinny blog is written by Rick Smith, editor and co-founder of WRAL Tech Wire and business editor of WRAL.com.
RESEARCH TRIANGLE PARK, N.C. – The broom is sweeping through the executive suite at Motricity (Nasdaq: MOTR).
Latest to get the boot are the company’s general counsel and a senior marketing executive who had just joined the company in April as part of an acquisition.
With its stock price tanking and competition increasing, Motricity warned investors in an earnings report last week that even more difficult times were coming. Chief Executive Officer Ryan Wuerch also hinted at layoffs at the company he moved from Durham to the state of Washington.
At that time Motricity also disclosed that its chief financial officer and chief marketing officer were on the way out.
Motricity shares were down 14 percent late Wednesday afternoon at $2.60.
In the latest SEC filing, Motricity disclosed that it had terminated Richard Leigh as general counsel and Tyler Nelson, who was CEO at Adenyo, a mobile advertising firm that became part of Motricity as of April 14.
The SEC filing reads:
“On August 15, 2011, the employment of Richard E. Leigh, Jr., the Company’s Senior Vice President, General Counsel and Corporate Secretary, was terminated. Mr. Leigh continues to serve the Company in a transitional capacity.
“On August 15, 2011, the employment of Tyler Nelson, the Company’s Senior Vice President, Advertising, Marketing & Analytics, was terminated. Mr. Nelson previously served as the Chief Executive Officer of Adenyo Inc., which the Company acquired on April 14, 2011. Mr. Nelson continues to serve the Company in a transitional capacity.”
Wuerch handled the departure of the CFO and CMO officers in the earnings announcement:
“At the senior level of management, we are initiating a transition in the CFO position to replace Allyn Hebner, who will assist with the transition,” Wuearch said in the earnings report. “We also made the decision to make another transition in our senior team with Jim Ryan, who has previously served as our Chief Strategy and Marketing and Development Officer and whose responsibilities are now being handled by others.”
Ryan will receive $225,000 in severance spread over nine months and also retain 58,333 restricted shares of stock.
Read about the launch of the management purge here.
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