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YTB Cuts Overhead, Completes RestructureMarch 18, 2010 By: George Dooley
Always controversial YTB International, Inc. reports the company has completed the restructuring of its management team in addition to significantly reducing general overhead expenses. YTB said it has reduced general overhead expense nearly $4 million in fiscal 2009 and since newly-named CEO and CFO Robert Van Patten's appointment, approximately $1.5 million in general overhead expenses were reduced in 2010.
YTB said the company continues to operate through three subsidiaries: the new marketing entity ZamZuu, Inc. (formerly YTB Marketing, Inc.), YTB Travel Network, Inc., and YTB Franchise Services, Inc.
J. Scott Tomer will continue to serve as chairman of YTB, as well as CEO of ZamZuu, Inc. J. Kim Sorensen remains as vice chairman of YTB and president of YTB Travel Network, Inc. Robert M. Van Patten joined the Company on a full-time basis in October 2009 as CEO and president, and has been serving as interim CFO of YTB since February 2010.
"Bob's presence has been extremely impactful in terms of management realignment, reduction of corporate overhead, and the consolidation of legal, insurance, and other finance related expenses," J. Scott Tomer commented. "As a result, the company has been operating more efficiently and cost-effectively. Relying on Bob's leadership has allowed me to focus on the sales field and other marketing efforts which have already showed positive signs of a turnaround. We are very excited about the future of the Company."
YTB describes its business as providing “E-commerce business solutions for individual consumers and home-based independent representatives in the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands.