NEW YORK (AP) _ IVillage Inc. said co-founder Candice Carpenter is stepping down as CEO but will remain as chairman, guiding the long-term strategy of the troubled company, which runs a Web site targeted toward women.

Carpenter, 48, is being replaced by current iVillage president Doug McCormick, effective Aug. 1.

Carpenter said in her new role she would work to develop business partnerships in other countries and leverage the company's brand across other media.

``It is becoming more important to put a face on our brand to help connect women to it,'' Carpenter said in a release. ``I am eager to spend more time in this role, representing the brand to women here and around the world.''

IVillage has experienced considerable executive turnover as of late, losing a chief operating officer, a chief financial officer and two other managers since April.

The company's stock has been equally turbulent.

Shares of iVillage tripled on their first day of trading in March 1999, closing at $80.125 on the Nasdaq Stock Market as the company raised $88 million through an initial public offering.

IVillage stock reached a high of $113.75, but since then shares have steadily declined, falling to $6.531 at the end of regular trading Thursday, down 87.5 cents.

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On the Net: http://www.ivillage.com