Re:ONSL Short
Good news for shorts: CFO leaving. This is a MAJOR RED FLAG.
Friday April 10, 8:11 pm Eastern Time
Company Press Release
ONSALE Announces Executive Change
MENLO PARK, Calif.--(BUSINESS WIRE)--April 10, 1998--ONSALE
(NASDAQ:ONSL
- news) today announced that John Sauerland, CFO, is leaving the company to pursue
other interests.
Leslie Benson, the company's Vice President/Controller, will serve as its acting CFO
while the company completes a retained search for a replacement. Benson recently
joined ONSALE from The Good Guys, where she was Controller. Sauerland has
agreed to be available for an additional two months on a consulting basis to ensure a
smooth transition process.
''I would like to thank Mr. Sauerland for his contributions to the success of the
company,'' said Jerry Kaplan, Chairman and CEO. ''He was instrumental in managing
our Initial Public Offering in April 1997, and our Secondary Offering in October of
1997.
In addition to the traditional duties of a CFO, he established ONSALE's logistics and
shipping operations, and contributed to our growth in a variety of other ways as well.''
About ONSALE
ONSALE (NASDAQ:ONSL - news) is the leading electronic retailer pioneering an
efficient and entertaining new distribution channel -- the interactive online auction. The
company currently specializes in selling excess merchandise and services -- such as
personal computers, consumer electronics, sports and fitness equipment, housewares,
vacation packages, and specialty foods -- over the Internet's World Wide Web.
ONSALE operates daily auctions and posts tens of thousands of items in a typical
week. The Company leverages the interactivity and sense of community possible on the
Internet to build an effective new sales medium that generates a high level of customer
loyalty and enthusiasm. ONSALE's Web site is located at www.onsale.com.
Note to Editors: ONSALE(R) is a registered trademark of ONSALE, Inc. |
