In mid-February, the company cut 20 percent of its staff in response to market conditions. Vicinity also blamed the dramatic changes in environment for Monday's actions. Internet holding company CMGI owns 17 percent of Vicinity and venture capital firm Oak Investment Partners owns 12 percent. Vicinity is attempting to sell wireless and telephone-based services that help consumers find locations of businesses, as well as information about them. The company runs MapBlast, an online mapping site that competes with AOL's MapQuest.
Vicinity also sells Web development, database design and maintenance software.
Woods said in the release that he stepped down to spend more time with his family. Vicinity said it will hold a conference call Wednesday to discuss the management changes and layoffs. From our Marketing Partners. Privacy Policy Stock data provided by Stockpoint and its data suppliers.