Breaking AP!~~Apr 27, 2003~~InfoSpace Director, Former CEO Jain Resigns From Board
The Associated Press
BELLEVUE, Wash.(Dow Jones/AP) - InfoSpace Inc. said Naveen Jain, the former chief executive the company is suing for allegedly breaching his fiduciary duties, has resigned from the board.
Infospace, which packages directory information, sports scores and other content for Internet sites and wireless companies, didn't offer a reason for Jain's resignation in its brief statement late Saturday. Neither an Infospace spokesman nor Jain could be reached Sunday.
The company filed a lawsuit in March contending that Jain and Kevin Marcus, a former technology chief at InfoSpace, are violating noncompete clauses and that Jain is breaching his fiduciary duties. The suit also names their new company, Intelius, as a defendant.
Jain left his position as chief executive in December, although he had remained an InfoSpace director. In January, he started Intelius - located right across the street from InfoSpace.
The new company is focused on compiling information from federal agencies' databases to profile individuals for homeland-security purposes and to help companies verify the identity of those with whom they are doing business.
InfoSpace recently announced it would eliminate another 115 staff positions, reducing its work force to 475. Ninety jobs were cut in October.
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On the Net:
infospaceinc.com
AP-ES-04-27-03 1848EDT
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