Youbet.com Shake-up Continues as Hermann Resigns
Updated: Thursday, April 18, 2002 9:48 AM
Posted: Thursday, April 18, 2002 9:48 AM
Management changes continue at Youbet.com, the online pari-mutuel racing and wagering service, where executives and board members have been resigning as quickly as new ones are hired or appointed.
This week, Youbet.com announced the appointment of Guy J. Chipparoni to the board of directors effective Monday. The company also announced the resignation of Phillip Hermann as chief financial officer.
Hermann, who has also served as co-chief executive officer and president, resigned from his executive positions and from the board as of April 11. He will continue serving as CFO for 90 days to assist Youbet.com's new management through the ongoing transition. Hermann and former chief operating officer Ron Luniewski took over as co-CEOs last November after Robert Fell resigned from that position but remained as company chairman.
In March, Youbet.com co-founder David Marshall rejoined the company and assumed the roles of chairman and CEO. Luniewski then resigned and accepted a position with Magna Entertainment to run a competing online service called XpressBet. Hermann was named president but his tenure was short. Earlier this month, Charles Champion was named president and chief operating officer of Youbet.com and Hermann retained only the title of CFO.
Hermann has not said why he is resigning.
Chipparoni brings to the board experience in government and community affairs, media relations, and gaming. He is president of KemperLesnik Public Affairs, which he launched as a division of Chicago-based KemperLesnik Communications in 1998. Chipparoni's clients are associated with transportation, cultural, pharmaceutical, hospitality, real estate, construction, telecommunications, education, and distribution industries. He manages media and public relations, crisis management preparedness and the development of long-term communications strategies, with a specialty in managing issues targeted at government and the media.
Chipparoni previously served as press secretary to Jim Edgar, former Illinois governor and secretary of state, and worked through Edgar's gubernatorial campaign and election to the governorship in 1990.
''Guy Chipparoni's unparalleled expertise in building support for corporate initiatives will be a tremendous asset for Youbet.com,'' said Marshall. ''His far-ranging government experience and strong working relationships with print and broadcast media, along with his knowledge of the gaming industry, will strengthen Youbet.com's board."
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