AltaVista Announces Executive Changes
work.com
Thursday October 19 1:29pm
Source: Dow Jones
PALO ALTO, Calif., Oct. 19 /PRNewswire/ -- AltaVista Company, a majority-owned operating company of CMGI, Inc. (Nasdaq: CMGI), announced today that Rod Schrock has decided to step down as chief executive officer, effective immediately. The company has initiated a search to find a new chief executive with a background commensurate with AltaVista's leadership in the search and software licensing arena.
"AltaVista is in a strong position for growth with a global, singular focus on search and a strategy to lead a renaissance in search technology for both Internet users and data-intensive businesses," said David Wetherell, chairman of AltaVista and chairman and chief executive officer of CMGI. "Rod successfully presided over unprecedented growth for AltaVista and has accelerated a plan for near-term profitability."
With its renewed focus on global search leadership, AltaVista is building upon its strong search heritage and patented technology for Web users and businesses.
AltaVista has bolstered its consumer sales team to more than 100 people and now plans to quadruple the size of its Enterprise search business sales and support organization. AltaVista performs more than 50 million Web search queries on average per day throughout the world and its search software is licensed to more than 1,000 e-commerce companies, portals and global enterprises.
"AltaVista today is well positioned to pursue a highly successful and focused strategy centered around global search, and it is time to allow a new leader to write the next chapter in its development. I am excited about the company's future, but it is time for me to move on to other milestones in my career and to spend more time with my family," said Rod Schrock.
During the transition, Greg Memo, AltaVista's president and chief operating officer, and Ken Barber, chief financial officer, will share executive responsibilities while the search for a new chief executive officer is underway. Both executives have been with AltaVista since early 1999 when it became an independent company.
AltaVista has one of the fastest growing audiences among top Internet destinations, growing at a rate of 68 percent compared with a 39 percent average for the top Internet portals, according to Media Metrix' data (Aug. '00-Sept. '99). AltaVista is the second most popular referral engine, directing more valuable traffic to Web sites than Lycos, Excite and GO combined, according to StatMarket.com's Internet site studies.
About AltaVista
AltaVista offers users informative services including AltaVista Search ( altavista.com ), Raging Search ( raging.com ), AltaVista Shopping.com, and vertical search centers. AltaVista licenses its patented search technology and powers more than 1,000 of the world's leading e-commerce firms, portals and enterprises. More than 65 million users worldwide visit AltaVista-55 percent of its traffic originates from outside of North America. Headquartered in Palo Alto, Calif., AltaVista is a majority-owned operating company of CMGI Inc.
About CMGI
CMGI, Inc., a leading global Internet operating and development company, represents a network of 70 established and emerging companies spanning a range of vertical market segments, including search and portals; infrastructure and enabling technologies; e-business and fulfillment; interactive marketing; and Internet professional services. CMGI leverages the technologies, content and market reach of its extended company network to foster rapid growth and industry leadership across the Internet Economy. Compaq, Intel, Microsoft, Pacific Century CyberWorks and Sumitomo hold minority positions in CMGI.
CMGI's corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. CMGI @Ventures has offices there, as well as at 3000 Alpine Road, Menlo Park, CA 94028. For additional information, see cmgi.com .
NOTE: AltaVista is registered with the U.S. Patent and Trademark Office. Shopping.com, Smart is Beautiful and AltaVista Free Access are trademarks of AltaVista Company or its affiliates. Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies.
This release contains forward-looking statements which address a variety of subjects. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: AltaVista may experience difficulties integrating technologies, operations and personnel of recent acquisitions, AltaVista's growth depends upon continued and increased demand for and market acceptance of AltaVista's web sites; and increased competition and technological changes in the markets in which AltaVista competes. For a detailed discussion of these and other cautionary statements, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's Annual Report on Form 10-K for the most recently ended fiscal year.
/CONTACT: David Emanuel of AltaVista Company, 650-320-7887, or david.emanuel@av.com; or Deidre Moore of CMGI, Inc., 978-684-3655, or dmoore@cmgi.com/ 14:47 EDT |
