VSTY axes its CEO:
Varsity Group Inc. Announces Management Change
Tuesday November 21, 8:39 pm ET
WASHINGTON, DC--(MARKET WIRE)--Nov 21, 2006 -- Varsity Group Inc. (NASDAQ:VSTY - News) today announced that President and CEO Mark Thimmig has resigned to pursue other opportunities. Chief Financial Officer Jim Craig was named interim President and CEO while the Company conducts a search for a new CEO. Also during the interim, Founder and Chairman Eric J. Kuhn will, on behalf of the board, oversee management.
"My fellow directors and I look forward to working closely with Jim during this transition period," said Mr. Kuhn. "My focus will be to work with the Board to quickly put the Company on a stable financial footing," said Mr. Craig.
Prior to Craig's role at Varsity Group, he held senior financial positions at several firms. From 2002 to 2006, he was CFO of Installs Inc., a leading consumer electronics in-home services provider. Prior to this, Mr. Craig held other senior financial and business development positions with early and mid-stage firms in the telecommunications industry, including MCI, Omnipoint and Starband. He has an MBA from Northwestern University and is a CPA.
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