1/30/99 -
Data Broadcasting Announces Promotion of Mark F. Imperiale to Chief Executive Officer and Appointment of Steven G. Crane as Chief
Financial Officer
JACKSON, Wyo.--(BUSINESS WIRE)--Nov. 30, 1999--Data Broadcasting Corp. (Nasdaq:DBCC), America's leading provider of real-time financial
market data to traders and individual investors, today announced the promotion of Mark F. Imperiale to chief executive officer and president.
Imperiale, 49, has been serving as Data Broadcasting's president, chief operating officer and chief financial officer since 1996. The company also said Steven G.
Crane, 43, has been named executive vice president and chief financial officer.
Alan Hirschfield and Allan Tessler, who have served as co-chief executive officers and co-chairmen of the board since the company's formation in 1992, will
continue as co-chairmen of the board.
Imperiale's appointment, originally scheduled to become effective July 1, 1999, had been deferred pending the appointment of a new chief financial officer.
Imperiale will hold the CEO post until consummation of the previously announced plan to merge with Financial Times Asset Management (FTAM), part of Pearson
plc, when Stuart Clark, currently FTAM's president, is expected to become president and chief executive officer.
Hirschfield and Tessler will relinquish their co-chairmen roles upon consummation of the merger, but will remain on the board of directors. Imperiale will continue
managing Data Broadcasting's current operations after the merger.
Commenting on Imperiale's appointment, Hirschfield and Tessler said: "Mark has been instrumental in building the Data Broadcasting business over the past five
years, including the formation of CBS MarketWatch, the development of eSignal and the fiscal management of the company, resulting in our current strong financial
position.
"He also played an essential role in the negotiation of the FTAM merger agreement. We are pleased that our board of directors agreed with our recommendation
that he succeed us as CEO."
Crane, executive vice president and chief financial officer effective yesterday, had previously been vice president and chief financial officer of Video Services
Corporation (Amex:VS), a leading provider of value added video services to the television network, cable and syndicated programming markets.
Previously, Crane was chief financial officer of several different international operations of Pepsico, and held senior finance and credit positions with Chase
Manhattan Bank. He holds a Masters in International Management from Thunderbird Graduate School of International Management and a B.S. in mechanical
engineering from Tulane University. Crane will be based in New York City.
"I am pleased to announce the appointment of Steve to this position," Imperiale said. "I believe that his experience, education and personality are a terrific addition
to Data Broadcasting's management team, in particular as we proceed with the FTAM merger.
"We will now have a senior executive with investment community experience devoted to the financial and administrative affairs of the company. Steve's long
experience in international operations will also be a major plus as we merge Data Broadcasting and FTAM."
Data Broadcasting Corporation is the leading provider of real-time market data to the individual trader and investor. The company delivers real-time stock quotes,
financial information and news to the PCs, laptops and hand-held devices of millions of users via the Internet, dedicated lines, wireless FM, cable and satellite.
With the BondEdge service from its Capital Management Sciences division, Data Broadcasting also is the leading provider of fixed income portfolio analytics used
for valuation and risk management purposes. Data Broadcasting's Internet presence includes www.dbc.com, www.eSignal.com, cbs.marketwatch.com,
insite.dbc.com, www.bondedge.com, sports.dbc.com and www.dbceuro.com.
FTAM is a leading source of comprehensive disclosure data, factor information and independent valuations for a comprehensive range of U.S. securities, and
offers full descriptive information of more than two million U.S. municipal bonds. It also collects and distributes corporate action information on equities and bonds all
over the world, specializing in "hard to get" information from emerging markets.
FTAM is part of the Financial Times group, which also consists of the Financial Times newspaper, ft.com, and interests in FTSE International, AFX News, the
Economist magazine, Les Echos and BDFM.
The Financial Times group is part of Pearson plc, the international media company, which also owns Pearson Education, the world's leading education company;
Pearson Television, the world's leading international independent television production company; the Penguin group, the world's most renowned English-language
publisher; and Recoletos, one of Spain's leading media companies.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that
could cause actual results to differ include the response of competitors to the company's new services, acceptance of the Internet as a valid real-time distribution
platform by institutional customers, activity levels in the securities markets and other risk factors listed in the Company's 10-K and 10-Q reports to the Securities and
Exchange Commission.
CONTACT: Data Broadcasting Corp., Jackson
Dwight H. Egan, 801/562-2252
or
Pondel/Wilkinson Group
Cecilia A. Wilkinson/Kristin Bruno, 310/207-9300
investor@pondel.com |
