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Shares of

Catalina Marketing


dropped after the company announced that its president and chief operating officer resigned, citing personal reasons.

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The company said Wednesday that it accepted the resignation of Michael Bechtol, who worked at Catalina for 17 years and held a variety of management positions. He was president and chief operating officer for only four months.

"This departure is an amicable separation and Mike has given us sufficient notice to effect an organized and orderly transition in connection with the operation of the business," said Chairman and Chief Executive Daniel Granger in a prepared statement.

Bechtol's duties will be assumed by Granger, group president Sue Klug and group president Patty Melanson for the "immediate future."

Shares of Catalina were recently down 90 cents, or 5.8%, to $14.57.