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  1. Business

Gordon assumes CEO post at Odyssey Marine Exploration

Odyssey Marine Exploration president Mark Gordon has taken over day-to-day management of the Tampa treasure salvaging company in line with a planned transition announced in August.

Gordon succeeded longtime chief executive and company co-founder Greg Stemm, who in turn has become chairman of the board, succeeding Bradford B. Baker. Baker is remaining on the board as a director.

In a statement Thursday, Stemm said the management changes reflect "the broader, ongoing transition of Odyssey from an entrepreneurial business model to a more predictable revenue-generating entity."

Part of Gordon's mission is to move the company from solely seeking high-value historical shipwrecks to searching for commodity shipwrecks and mineral exploration as well.

The company posted a $4 million net loss in its most recently reported quarter and its stock price has fallen from $3 a year ago to below $1 in recent weeks.

Odyssey shares were flat at 91 cents apiece in early trading Thursday.