PhillyInc

Not quite a victory for telecommuting, but notable nonethless. New York City-based Newtek Business Services said today in a press release filed to the SEC that it has parted ways with its chief financial officer, Michael Holden. Why? He apparently didn't want to commute to New York from his home in Pennsylvania (exact location undisclosed). "We understand his desire to work from home in Pennsylvania and anticipate that we will continue our professional ties in different ways," it says. "We are proud of our relationship with him and most thankful for what he has built." PhillyInc has called Holden's office but no response yet. The statement says he will become "an advisor" to the CEO, CFO and the chairman of the Audit Committee starting in October. Seth Cohen, the company's senior vice president for finance, will become the new CFO. - Jonathan Berr