Nov 1 E-commerce services provider Digital River Inc said founder Joel Ronning has stepped down as chief executive.
Ronning, who has led the company since 1994, will continue to be the chairman of the board until Dec. 31, after which he will retire from the board.
Thomas Madison, lead independent director, will be the interim CEO, the company said.
Digital River provides technology and services that enable clients to sell their products on the Web.
Shares of the Eden Prairie, Minnesota-based company fell 4 percent in extended trade on Thursday, after closing at $14.73 on the Nasdaq.