Vancouver broadband reseller Radiant Communications (TSX-V:RCN) posted another loss Thursday and lost its president and CEO.
David Buffett, a former Nortel Networks executive who joined Radiant in 2006, didn’t provide a reason for his departure, but the move came as the company’s quarterly loss deepened compared with 2010.
Despite a 5% climb in revenue during the second quarter, Radiant lost $237,569, representing a 43% increase compared to the same period a year ago.
The company didn’t provide a reason for the increase in the loss, although its operating expenses increased 4.8% to $3.3 million.
Meantime, Paul Healy, an “experienced telecommunications leader”, has been named interim president and CEO of the tech venture.
Radiant chairman Don Calder thanked Buffett for his contributions to the company, and said Healy “has tremendous experience” in the Canadian market.
“He is an exceptional results driven leader and is a perfect fit to accelerate Radiant’s growth and success,” Calder said.
Business in Vancouver last caught up with Radiant in November 2010, when the company hoped to capitalize on a new suite of broadband products (see “Radiant heat” – issue 1099, November 16-22, 2010.)
At press time, the company’s shares were unchanged at $0.50.
Joel McKay
Twitter:jmckaybiv