LeapFrog CEO leaves position
Staff -- Kids Today, 8/1/2006 12:00:00 AM
Tom Kalinske, CEO of LeapFrog Enterprises, maker of educational toys, has stepped down, the company said.
No reason was given for his departure though the company has struggled with disappointing financial results recently. He will continue as vice chairman of the board. In February, the company consolidated the positions of president and CEO when its then-president, Jerome Perez, resigned.
Jeffrey Katz, an airline industry executive who founded the online travel company Orbitz was appointed to succeed him. Katz has been a member of the LeapFrog board for the past year.
LeapFrog has been trying to turn around its business after a string of disappointing results hurt its credibility with investors. Its stock has fallen 45% during the last two years. The company controls about 65% of the U.S. market for educational toys, according to analysts.
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