Digital River Adds Two Strategic Hires to Executive Line-up
Business Wire - August 05, 1998 17:24
MINNEAPOLIS--(BUSINESS WIRE)--August 5, 1998--
Perry Steiner Joins Digital River As Company President;
Former Egghead President & CEO, Terry Strom, Becomes Senior Vice
President of Marketing
Digital River, the leader in electronic software delivery (ESD) technology, today announced two significant new appointments
to its executive staff. Perry Steiner, vice president of investment banking firm Wasserstein Perella & Co., Inc. and a current
director of Digital River, will be joining Digital River as president. In his position as president, Mr. Steiner will be integral in
setting the strategic direction of the Company and managing its finance and operations. Prior to his experience with Wasserstein
Perella, Mr. Steiner was a principal of TCW Capital, a group of leveraged buyout funds managed by Trust Company of the
West. Joel Ronning, formerly president and CEO of Digital River, will maintain his existing role as CEO.
In another move, Terry Strom, former president and CEO of Egghead Software Inc., has been appointed to the position of
senior vice president of marketing for Digital River, managing the strategic direction of marketing and merchandising for the
company. Prior to his experience with Egghead, Mr. Strom served as senior vice president of marketing at Best Buy.
"The addition of these two key executives indicates Digital River's commitment to the continued growth of the electronic
commerce market," said Ronning. "Perry's extensive background in finance, combined with Terry's merchandising experience
and understanding of Internet software retail strategies, will be critical to the expansion of our business."
About Digital River
Digital River, Inc., based in Minneapolis, offers the world's largest online database of software products. The company
partners with more than 1,500 software publishers and online dealers to implement its proprietary technology for Internet
delivery of more than 120,000 software and other digital products. The company has 12 patents pending, covering digital
delivery, commerce and encryption systems. Tech Squared Inc. (OTC Bulletin Board: TSQD) controls 23 percent and Fujitsu
Limited of Japan owns 16 percent of Digital River's common stock. For more information visit the Digital River Web site at
www.digitalriver.com.
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