Velti CMO departs, shares plunge again

|By:, SA News Editor

Krishna Subramanian, Velti's (VELT -12.5%) chief marketing officer and the co-founder of its Mobclix mobile ad network, has left the company and says he's now "working on an exciting idea that is keeping me up at night." News of the departure has plunged Velti deeper into penny-stock territory; bankruptcy fears have already been running high.

Velti blamed its big Q2 miss on delinquent payments to developers relying on Mobclix (previous). The company has admitted it hasn't been able to "provide sufficient liquidity" for the business, which is now on the block.