Bottomline’s co-founders step down from board

McGurl, Loomis leave as part of ‘board refresh’

Bottomline Technologies co-founders Daniel McGurl and James Loomis are giving up their seats on the company’s board of directors as part of a “board refresh,” the Portsmouth-based company announced last week.

They will be replaced by Peter Gibson, CEO of Knowledge Group, a company based in Jersey City, N.J., and Benjamin Robinson III, senior vice president and chief administrative officer of Prudential Financial, which is based in Newark, N.J.

McGurl, who is approaching 80, was with IBM when he co-founded Bottomline in 1989, and he served as its CEO for its first 13 years and as board chairman until 2007. Loomis, 65, originally from Nashua Corp., has also been a director since the firm’s beginning. He served as the company’s executive vice president and treasurer for the company’s first seven years and then as senior executive advisor, until he retired in 2000.

Joseph Mullen, the current board chairman, thanked the two for their service, but said the board’s new additions “bring a wealth of experience from both the financial services sector and the cutting edge of data analytics and technology” and would add a “valuable perspective” to the board.

In federal filings early last month, Bottomline disclosed a quarterly loss of $4.2 million, or 11 cents a share, but that was an improvement over the same quarter last year when the company’s net loss was $7.8 million.

Revenue was up 7 percent. to $86.2 million for the quarter, bringing it to $255 million for the first three quarters of the fiscal year, which will close at the end of June. That’s $10 million more than the first nine months of the last fiscal year.