Media 100 president and chief operating officer Mark Housley has resigned, citing "personal reasons".
The announcement comes as the company issued a profits warning, saying it plans to close its Californian factory and lay off employees as it returns disappointing fourth-quarter earnings. Housley is to stay with Media 100 as a director. Operations are to be consolidated to Media 100's Los Gatos facility.
In the three months ending November 30, Media 100 expects to report a loss of between nine to ten cents per share on revenues between $16.5 to $17 million. Analysts had expected the company to return earnings of 14 cents per share.
Media 100 CEO John Molinari blamed the results on late shipment of Cleaner 5, the company's new solution for streaming video on the Web, and changes in the company's sales and marketing divisions.
Following the announcement, the company's stock plummeted, losing $4.4375 during the day to close at $3.0625.