Sunday, March 9, 2014
From staff reports
Portland-based digital-gifting company CashStar continues to shake up its top management with the appointment of a new chief operating officer.
CashStar said Wednesday that it has hired Ben Kaplan, former chief operating officer at Cartera Commerce, a company based in Lexington, Mass., that manages consumer discount and loyalty programs linked to credit and debit cards.
Kaplan also has been appointed to the company's board of directors.
CashStar's former CEO, David Stone, resigned from his position in May. He has been replaced with company co-founder and Chairman Steven Boal.
CashStar offers electronic gift cards for more than 250 brands, including Best Buy, the Gap, Staples, Starbucks, the Home Depot and Williams-Sonoma.
Located in downtown Portland, the company is generally regarded as a successful tech start-up and a bright spot in Portland's economy.
CashStar launched with $3 million from private investors and received more than $500,000 in so-called "conditional loans" from the Maine Technology Institute, which provides capital to companies with promising technology. Conditional loans require an equal match by the company and must be paid back if the venture is successful.