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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Jim Spitz who wrote (29609)	6/27/2001 10:22:45 AM
From: Jim Spitz	Read Replies (1) \| Respond to of 37746

Wam!Net's president among those included in recent layoffs Eric Wieffering Star Tribune Wednesday, June 27, 2001 Wam!Net's president has departed the company, as the struggling provider of high-speed data and consulting services positions itself for a much-needed cash infusion. William E. Sullivan, who joined Wam!Net in March 2000, was among the 130 people laid off last week, according to people inside and outside the company. Last week, Wam!Net said the latest round of layoffs included some senior executives, but a spokesman for the Eagan firm declined to say whether Sullivan was among those. Sullivan's wife, MaryJo, confirmed that he has left the company, but said he was traveling and unavailable to comment. Sullivan, who once served as chief marketing officer of Oakdale-based Imation Corp., joined Wam!Net as senior vice president of marketing. He was named president in September, after the departure of Gary Hokkanen. According to Wam!Net's annual report, Sullivan's employment contract entitles him to a severance payment of two years' salary. The amount of his salary has not been disclosed in public documents. Wam!Net laid off 130 employees last week, or 26 percent of its work force. Among those affected were 60 employees at its Eagan headquarters. Last week's layoffs marked the second mass firing in two months for Wam!Net. In April, the Eagan firm cut 105 employees. A spokesman for the company said the job cuts were needed to reduce costs in order to attract potential investors. Wam!Net has said that it expects to have a new financing agreement in place in July and that it will begin producing positive cash flow later this year. -- Eric Wieffering is at ewieffering@startribune.com . © Copyright 2001 Star Tribune. All rights reserved.