YTB International, parent company of the YTB Travel Network, laid off one-third of its staff and will replace its CEO as part of a major company shake-up that it says is part of “restoring the company’s profitability and focusing its strategy on its core business of web-based travel-related services.”
YTB said that Robert Van Patten — YTB’s president, CEO and CFO — resigned from the company. While the board looks to replace him, a management committee will guide daily operations.
YTB co-founder J. Scott Tomer will continue in his roles as CEO of YTB Travel Network and chairman of YTB International.
The company laid off one-third of the employees at its headquarters in Wood River, Ill., and reduced salaries for some remaining positions. YTB estimated the moves would save about $2.4 million.
YTB also said that a potential merger with LTS Neutraceuticals was being delayed while YTB gets “our own house in better order first,” Fred Lutzeier, a member of YTB’s board of directors, said in a statement.
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