QXL chief steps down as sales slide

THE chief executive of ailing online auction group QXL ricardo has stepped down after a further collapse in sales. Chief operating officer Mark Zaleski, 38, is replacing Jim Rose, 40, the larger-than-life American who brought the company to market in a £240m flotation in October 1999. Rose becomes non-executive deputy chairman.

The company was valued at almost £1bn at the height of the dotcom boom.

Turnover fell 26% quarter-on-quarter to £1.2m. The value of goods auctioned fell 3% to £25.2m over the same period as a result of charging sellers for listing auction items. Quarter-on-quarter pre-tax losses fell 26% to £7.9m as costs fell and margins increased. Zaleski, who joined last year from former US internet retailer Webvan, is looking to cut costs as QXL tries to reach profitability before running out of cash.

The shares rose 0.8p to 5p, valuing the firm at £27m.