RE:Press release Not much of an announcement. Presumably, the new COO will take on the day-to-day operating functions formerly done by the CEO (unless some VPs who did these functions have been made redundant). I suppose this could mean the transfer of some salary from the CEO to COO. For the two "promotions", it looks like nothing more than a title change from vice president to chief, new sign on the door, but no change in function or responsibility.