In a surprise move, YTB International, Inc. announced the resignation of John D. Clagg as CFO of the company effective February 2. Robert M. Van Patten, CEO officer, will serve as interim CFO until a permanent can be found. Van Patten will also serve as CEO of the controversial company.
In a brief statement issued midday Feb 4, YTB commented, "John was a well-respected and vital member of our executive team and the value he contributed to the organization is immeasurable. His leadership will undoubtedly be missed. The company wishes him the very best in his future
business endeavors."
YTB, a publicly owned company, said Van Patten’s appointment as interim CFO had been approved by YTB’s Board of Directors. YTB’s stock took a tumble as well.
YTB described its business as a provider of “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. The Company operates through three subsidiaries: ZamZuu, Inc. (formerly YTB Marketing, Inc.), YTB Travel Network, Inc., and YTB Franchise Services, Inc.
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