Co-CEOs Step Down

FRAMINGHAM (01/28/2000) -, a New York-based operator of a global community network, yesterday announced that its two chief executive officers, Stephan Paternot and Todd Krizelman, will be stepping down from their posts. spokeswoman Jennifer Zwiebel said the two were looking to fill the position by the second quarter of 2000.

"They're not resigning. They're still CEOs. They're looking for someone to fill that position," Zwiebel said. "They've been with the company for the past five years. They had the idea for and now they want to get more hands-on in the company."

Paternot and Krizelman will stay on as founders, advisers and directors, the company said.

Chief Operating Officer Dean Daniels was promoted to the additional post of president, Zwiebel added.

The moves come as the company reported a fourth-quarter net loss of US$16.2 million, or 60 cents per share, compared with $4.5 million, or 38 cents per share, for the same period last year. Revenue for the company in the three months ending Dec. 31, 1999, more than doubled to $6.4 million from $2.8 million.

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