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Technology Stocks : InfoSpace (INSP): Where GNET went! -- Ignore unavailable to you. Want to Upgrade?

To: mikiespeedracer who wrote (27606)	12/20/2002 9:06:08 PM
From: KLP	Respond to of 28311

Oh boy...maybe another place to have a great free snacking lunch....<g> What a great idea!!!

To: mikiespeedracer who wrote (27606)	12/22/2002 3:59:15 AM
From: KLP	Read Replies (1) \| Respond to of 28311

Well, Well, Well...InfoSpace names new chief executive to replace founder Sunday, December 22, 2002, 12:00 a.m. Pacific By Sharon Pian Chan Seattle Times business reporter seattletimes.nwsource.com The founder of Bellevue-based InfoSpace, a company with a market value that once topped Boeing, is out of a job. His position as CEO and chairman was terminated by his own board of directors. Naveen Jain will remain a director of the company, which he launched in 1996. The company announced last night that telecom veteran Jim Voelker will immediately become its new chief executive officer, chairman and president. In August, the company hired an executive-search firm to find a new chief executive. InfoSpace, an Internet and wireless-services provider, went public at the end of 1998 and became a local poster child for the Internet boom that swept the country. In 2000, InfoSpace's market capitalization was worth more than Boeing's. Jain himself became a poster boy for that generation — a charismatic, ambitious leader known for his colorful comments. Last night, Jain said he disagreed with the board's choice. "I was on the search committee and I felt that there were other candidates that were more qualified than the candidate the board chose," Jain said. He plans to start a new company but added that, "I believe the company is going in the right direction. InfoSpace is my baby; I nurtured it for the last seven years and I will continue to do everything in my power to make it successful." InfoSpace was launched to provide directory, search and content services to Web sites, and later tied itself to the growth of the wireless Internet. The stock traded on the NASDAQ exchange, and it soared to a high of $130.53 per share in March 2000. But its business ventures faltered, and so did investors' enthusiasm for dot-com stocks. On Friday, the stock sold for under $10 per share. But it would be under a dollar, had the company not exchanged 10 shares for one in a reverse stock split earlier this year. Though the stock has not done well, Jain has been able to make big money through periodic sales of his shares. Since the company went public, Jain has sold 7.3 million shares of InfoSpace — for a total of $398.2 million, according to Securities and Exchange Commission documents. Voelker has been an InfoSpace director since July. Previously, he served as chief executive and president of XO Communications, the now-bankrupt telecommunications company previously known as Nextlink Communications. He currently is a director at Seattle wireless-data company Monet Mobile Networks, Providence Equity Partners and Pivotal Partners. In a statement, Voelker said, "InfoSpace has established a growing list of industry-leading customers and partners, a talented and dedicated employee base and a strong balance sheet, which makes this a compelling opportunity." This is not the first time the top spot has changed hands at InfoSpace. Jain voluntarily stepped aside in April 2000 when the company hired Arun Sarin, a more-experienced wireless-industry executive, as CEO. But Sarin left in January 2001, and Jain resumed his old position. Ed Belsheim, the current president and chief operating officer, will remain chief operating officer. Sharon Pian Chan: 206-464-2958 or schan@seattletimes.com