FWIW on JustBalls.com
JustBalls.com Taps Jim Klein as New CEO; Former Universal Studios
Consumer Products Group President Joins Growing Online Sporting Goods
Merchant; David Wetherell Named Chairman
KINGSTON, N.J., Feb 2, 2000 (BUSINESS WIRE) -- Online sporting goods
retailer JustBalls.com, the ball authority and the largest ball store
in the world, announced the hiring of entertainment and consumer
products industry veteran Jim Klein as its new CEO.
Klein is former President of Universal Studios Consumer Products Group,
where he oversaw the worldwide licensing, promotions and retail
merchandising operations of the $6 billion entertainment company.
During his tenure, Klein delivered one of the top three entertainment
licensing programs of all time for "The Lost World" movie, generating
$1.5 billion in retail sales.
"Jim Klein's track record in the entertainment and consumer products
industries is second to none, and we are extremely excited to welcome
him to the JustBalls.com team," said Jim Medalia, founder and
President, JustBalls.com. "From being the driving force behind major
brand names like Avon and Swatch, to revitalizing Applause Inc. into
one of the nation's leading toy and gift companies, to orchestrating
one of the top three entertainment licensing programs of all time for
Universal Studios, Jim has demonstrated an acute ability to build
brands and revenue for the companies he leads."
Klein commented, "The JustBalls.com brand name, niche positioning,
strong content, complementary business-to-business and
business-to-consumer strategies, and a reputation for impeccable
service, are the foundations of a very attractive business model and
value creation opportunity. I'm looking forward to helping this company
achieve entirely new levels of performance."
David Wetherell, the CEO of CMGI, who led the company's angel round of
investment, was simultaneously named Chairman. Wetherell said the
year-old start-up is positioned for quantum growth with Klein's
appointment. "This company has put itself squarely on the Internet and
sporting goods landscapes with only a dozen people and comparatively
modest resources," he said. "To attract a world-class leader of Jim
Klein's caliber is testimonial to the sound fundamentals and exciting
future of the enterprise. On behalf of the Board of Directors of
JustBalls.com, we welcome Jim Klein and look forward to helping him
guide the company in its mission of creating a new, vertically-oriented
sports merchandising portal that dominates multiple, interrelated
niches."
Medalia added, "In hiring a new CEO, our goal was to add as much value
as possible for our investors and shareholders. With the input of our
Board of Directors, we coveted a CEO candidate with a strong
entrepreneurial drive and vision, proven managerial skills and consumer
product experience, and Jim's background clearly fits this
description."
The CEO search was conducted by industry leader Spencer Stuart and its
senior partners Jim Citrin and Chris Nadherny. "In the course of
conducting many CEO searches for leading e-commerce companies, we have
been intensely involved with leading entrepreneurs, venture
capitalists, and executives," said Mr. Nadherny. "We are wildly
enthusiastic to have found the perfect match with Jim Klein, one of the
most visionary, talented, and energetic leaders in the entertainment,
leisure, and Internet space." Jim Citrin continued, "JustBalls.com is
poised to become a breakthrough leader in the huge and underserved
sports sector."
A privately held company, JustBalls.com is the world's first and only
retailer to aggregate and specialize in the sale of balls of every
type, from the most popular sports like soccer, basketball, baseball
and golf, to avidly enjoyed sports such as lacrosse, field hockey and
water polo. JustBalls.com also features health and fitness balls, rare
and collectible balls, customized and promotional balls, toy balls,
ball needles and pumps, ball machines and many other related
accessories.
JustBalls.com investors include David Wetherell, CEO of CMGI; Bob
Davis, CEO of Lycos; Blue Rock Capital; Jafco America, and Bantry Bay
Ventures.
Copyright (C) 2000 Business Wire. All rights reserved.
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