Excite@Home Appoints New Chief, Posts Widening Loss

24 April 2001

Broadband internet company Excite@Home yesterday announced that Patti S Hart, former chief executive of DSL web connection company Telocity, is to become its new chairman/ceo, effective immediately.

Meanwhile, former chairman and quondam chief executive George Bell is stepping down from the board and leaving the company. When he relinquished the ceo role last September [WAMN: 20-Sep-00], Bell announced that he would remain as chairman until the end of 2001. The company attributed his decision to step down early to a desire to spend more time with his family.

The news broke as Excite posted Q1 results which showed a widening loss broadly in line with analysts’ expectations. For the first quarter, the company reported a shortfall of $832.6 million (compared to $676.5m in the same period last year), or $61.6m excluding amortization and other items. Revenues, meanwhile, jumped 3.4% from $138.1m in Q1 2000 to $142.8m.

News source: Wall Street Journal