"Wednesday May 17, 8:21 am Eastern Time
Company Press Release
Web Street Expands Senior Management Team With Key Appointments, Key Hires in Clearing Operations, Marketing, Human Resources and Finance Bolster Senior Staff
DEERFIELD, Ill.--(BUSINESS WIRE)--May 17, 2000--Web Street, Inc. (NASDAQ: WEBS - news), parent company of Web Street Securities, Inc., a leading online brokerage firm, today announced several key additions to its senior management team in the clearing operations, marketing, human resources and finance departments.
These new senior level appointments complement other recently announced executive changes, including the appointment of President Avi Fox to Co-CEO and the appointment of CFO Joseph Barr to President.
Joseph J. Fox, Co-Chief Executive Officer of Web Street, commented, ``We are very pleased to attract this caliber of talent, and are confident that they will make significant contributions toward rapidly executing our diversified, online financial services strategy. Since our November 1999 initial public offering, Web Street has seen tremendous growth, both domestically and abroad. These new additions will help us sustain this rapid expansion, and insure that we will be able to continue providing the high level of financial products and services our global customers have come to expect.''
Ronald Molnar, formerly of Standard Investor Services has been named Senior Vice President of Clearing Operations. Mr. Molnar joined Web Street in December 1999, and brings over 25 years of self-clearing and brokerage operations experience to the company. Mr. Molnar will be responsible for the oversight and management of Web Street's self-clearing capabilities, including agency trading, as well as all securities and mutual fund processing.
Gary Van Prooyen joins as Vice President of Marketing, bringing more than ten years of successful corporate branding experience to the company. Previously Director of Corporate Marketing and Branding at Ameritech, Mr. Van Prooyen will be responsible for the strategic development and creative execution of Web Street's brand advertising, direct response, and promotional efforts, which support all customer acquisition and retention initiatives.
In addition Robert Lemke joined Web Street in January 2000 as its Senior Vice President of Human Resources and Administration. Most recently at Everen Capital Corporation in Chicago, Robert brings over 17 years of human resources experience to Web Street. He will be responsible for corporate administration, executive recruitment and development of all employee programs.
In the finance department, Ray Lapinas has been promoted to Vice President-Corporate Finance, while Jeffery Owen, most recently at CNA Financial Corporation, has been appointed as Web Street's Vice President-Corporate Controller.
Edith O'Brien, formerly of Mesirow Financial, has been appointed as Controller-Web Street Securities, Inc. Ms. O'Brien will be responsible for the oversight and management of all accounting and regulatory reporting functions of the broker-dealer, while Mr. Owen will have responsibility for corporate accounting and financial reporting of the parent company.
About Web Street
Web Street, Inc., based in Deerfield, Illinois provides online brokerage services to individual investors in the United States, Europe, Asia and Latin America, through its wholly-owned subsidiary, Web Street Securities, Inc., which was founded in 1996. Web Street has been rated highly in numerous publications, including Money Magazine's ``Best Online Brokers of 2000'', four star ratings by Barron's in 1998 and 1999, and ranking as one of SmartMoney's top three online brokers in 1998 and 1999. Web Street offers 24 hours a day customer service, low-price commissions, and real time account information via multiple channels - online, touch-tone telephone, person-to-person via telephone, and face-to-face onsite through its existing and future brick-and-mortar branches. For more information on the Company's products and services, visit us at www.webstreet.com or call us at 1-800-WEBTRADE.
Cautionary Note Regarding Forward Looking Statements.
This news release includes forward-looking statements that reflect Web Street's current expectations about its future results, performance, prospects and opportunities. Web Street has tried to identify these forward-looking statements by using words such as ``may,'' ``will,'' ``expect,'' ``anticipate,'' ``believe,'' ``intend,'' ``goal,'' and similar expressions. These forward-looking statements are based on information currently available to Web Street and are subject to a number of risks, uncertainties and other factors that could cause Web Street's actual results, performance, prospects or opportunities in the remainder of 2000 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, Web Street's ability to establish and maintain international relationships and relationships with content providers, intense price and other competition among companies providing online financial services, Web Street's ability to successfully implement self-clearing operations, Web Street's ability to develop and enhance its services and products, risk of system failures, and existing and future regulations affecting the online brokerage industry or the Internet generally. For further information about these and other risks, uncertainties and factors that could affect Web Street's future results, performance, prospects and opportunities, please review the disclosure included under the caption ``Business Risk Factors'' in Web Street's annual report on form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Except as required by the federal securities laws, Web Street undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this news release.
--------------------------------------------------------------------------------
Contact:
Morgen-Walke Associates, New York
Investor Relations:
Cheryl Schneider/Hulus Alpay
Media Relations:
Blake Eastman/Laura Novak
212/850-5600"
biz.yahoo.com |
