FairMarket CEO quits; firm cuts staff

The president and chief executive of auction service company FairMarket resigned from her posts on Monday. Eileen Rudden, who joined Woburn, Mass.-based FairMarket in September, left voluntarily after deciding that her skills did not match the company's direction, FairMarket spokeswoman Lisa Dabbon said. Chief Financial Officer Janet Smith will take over as the company's interim president.

FairMarket, which runs an online auction network and provides online auction hosting, also laid off 40 workers, or 25 percent of its work force, on Monday, and announced that it is shutting down its office in Australia. The job cuts, which primarily affected administrative and marketing workers, were unrelated to Rudden's resignation, Dabbon said. FairMarket laid off 35 workers--15 percent of its work force--in October. The cuts are part of an effort by the company to reach break-even cash flow by the first quarter of next year, Dabbon said.