Yahoo! Finance reports LivePerson (NASDAQ: LPSN) President and CFO Tim Bixby will be leaving his post at the end of the first quarter in 2011. Bixby has been with the company for more than 11 years.
LivePerson CEO Robert LoCascio stated in a company press release, “Tim is a personal friend; he played a critical role in building LivePerson over the course of many years, and has provided tremendous value to our customers, employees, partners and sharholders. I wish him the very best.”
Bixby said of his departure, “The team in place is well suited for the next phase of growth, and I look forward to LivePerson’s continued success.”
Bixby’s departure comes on the heels of LivePerson announcing its third quarter earnings report. LivePerson reported revenue of $28.2 million, growth of 27 percent over the same quarter last year and a seven percent sequential increase from the second quarter of 2010. Revenue is expected to top $100 million by the end of the fiscal year.
Every quarter LivePerson posts a video on their YouTube Channel to update shareholders. The video offers an overview the company’s earnings and growth. The third quarter video featured LoCascio and Bixby elaborating on Bixby’s decision to leave.
“For me personally and for anyone who’s had such a great experience at a company there’s no good time to leave, especially something that’s in such a strong position as LivePerson. The company is getting bigger. The needs of the key financial person are really expanding and have expanded for a long time. They are only going to accelerate in terms of what’s needed. The financial needs will be ever more demanding,” said Bixby.
“The company’s strong…and we kind of said this is a good place to maybe make some changes. For both of us it was a really serious commitment. It was something we didn’t take lightly. We’ve really put our heart and soul into this company. It seemed like a great time for us to make a transition,” said Locascio.
Life Before LivePerson
According to Forbes magazine, Bixby served as Vice President of Finance for Universal Music & Video Distribution, Inc., from 1994 until 1999. Prior to joining Universal in 1992 as Associated Director, Bixby worked for Credit Suisse.
Bixby holds an M.B.A. from Harvard and A.B. from Dartmouth. His position with LivePerson is estimated to be worth $4.8 million in stock options as of 2009.
There’s no official word as to what Bixby’s next opportunity will entail however it is likely after his more than decade tenure with LivePerson the choices are many.
LivePerson provides online engagement solutions that facilitate real-time assistance and expert advice. LivePerson was founded in 1995 and is based in New York City according to the company’s website.
Yahoo! Finance, “LivePerson Reports Third Quarter Financial Results”.
YouTube, “MyLivePerson Channel”.
Forbes Magazine, “Timothy E. Bixby Profile”, Forbes.com.
LivePerson, “About LivePerson–Company Information”, LivePerson.com.