CompuServe Chief Resigns

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COLUMBUS: After 19 months in the top job, Robert Massey abruptly resigned as president and CEO of CompuServe. In a written statement from H&R Block, which owns some 80 percent of the online service, Block CEO Frank Salizzoni said that Massey left to pursue other interests, and said he will assume Masseys responsibilities until a successor is found. Block discouraged speculation that Massey's departure was related to this Thursdays release of CompuServes third quarter financial results, which are expected to be grim. On the service's website, Massey notes that 1996 was a trying time for CompuServe shareholders, who have watched the company's stock fall from about $30 a share when it went public in April to $10.811/4 Friday. The company lost $88 million in the six months ending Oct. 31. H&R Block reportedly is trying to unload the remaining 80 percent of its stake in CompuServe. "Our goal remains a speedy and sustained turnaround at CompuServe, and under Bob's leadership the company has made progress in that direction," Salizzoni said in his statement. "The board of directors will work quickly to find a chief executive officer who will continue the process."