Touchstone Software’s Chairman Resigns
Larry Jordan, former chief executive of troubled Touchstone Software Corp., has resigned as chairman of the Huntington Beach maker of computer diagnostic software.
Jordan, who resigned as CEO on June 3 as part of a management shake-up, could not be reached for comment late Wednesday.
A statement issued by the company said Jordan is leaving to pursue other business interests and will not seek reelection to the board at the company’s annual stockholders meeting today.
Touchstone officials, who released the news after the market’s close, could not be reached for comment Wednesday. Touchstone’s stock price rose 16 cents Wednesday, closing at $1 a share.
The company has watched its losses balloon and its revenues shrink recently. In October, Touchstone’s third-quarter loss reached $935,000, up from nearly $714,000 a year ago. Its revenues dropped to $749,000 from $1.4 million.
To shore up its bottom line, the company has been radically restructuring its staff and product line. Analysts attribute the changes to current CEO Kenneth S. Forbes III, who was hired in August.
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