Rhythms NetConnections Founder Resigns as Chairman, CEO

Rhythms NetConnections (RTHM Quote) said Chairman and Chief Executive Catherine Hapka resigned April 2.

Rhythms closed at a 52-week low on the Nasdaq for the second consecutive day, falling to 16 cents.

Hapka, whose last day will be May 1, founded the company in June 1997. The broadband communications company, which is based in Englewood, Colo., wouldn't comment on her future plans or who would replace her as chairman of the board.

Steve Stringer, the president and chief operating officer of Rhythms since May 1999, will take on the additional title of chief executive.