FOR IMMEDIATE RELEASE
Thomas Clarke Named CEO at TheStreet.com, Succeeding Kevin English, Who Has Resigned Fred Wilson Named Chairman of Board
New York, NY, November 5, 1999 -
TheStreet.com, Inc. (Nasdaq: TSCM), today announced the resignation of Kevin English, the company's chairman and chief executive officer. Thomas J. Clarke, who had been president and chief operating officer, will replace Mr. English as CEO and take a seat on the company's board of directors. Board member Fred Wilson, managing partner of Flatiron Partners, a leading Internet venture capital firm, has been named chairman of the board of directors.
The company emphasized that it remains on track to meet all of its financial and operating performance objectives. It also said that all strategic investments and expansion plans remain unchanged, including the launch of its Web site for UK investors, TheStreet.co.uk, its partnership and joint news room arrangement with the New York Times, and its popular weekend TV show on Fox News Channel.
"We are very grateful to Kevin English for his service as our chairman and chief executive officer and for the role he played in developing our company's organization, overseeing our successful public offering and setting us on course as a growing public company," said Mr. Wilson. "We are fortunate to have a person of Tom Clarke's background and abilities to lead us forward and help us continue to realize the great potential that TheStreet.com has so rapidly demonstrated since it became a public company. His prior experience as a CEO in the financial information industry and understanding of the way the media operate will be a tremendous asset to us, as we execute our business plan, take our current strategic initiatives forward to completion and continue to meet the financial and operating objectives we have set for ourselves."
Prior to joining TheStreet.com, Mr. Clarke, (43), was the CEO of Thomson Financial Investor Relations (formerly Technimetrics Inc.), a full-service investor relations firm with 325 employees and estimated annual revenues of $75 million. As the company's CEO, he significantly enhanced the value of the company and oversaw its sale from Knight Ridder to The Thomson Corporation.
"This is a great opportunity to build upon an excellent foundation," said Mr. Clarke. "I look forward to guiding TheStreet.com as it solidifies and strengthens its leading position as the premier Web-based provider of financial news and commentary. In the coming months, we will continue to enhance our product and content, increase our advertising base, expand our readership and build our brand. I also look forward to working closely with the other members of our management team."
Mr. English said: "I greatly appreciated the opportunity to lead TheStreet.com as its chairman and CEO and to use my experience in the technology and information fields to bring it from the start-up stage to its current position as a well-capitalized, thriving business with a very bright future. I am proud of the many accomplishments we achieved, in particular, taking the company public, helping to structure and implement many of its strategic partnerships, assembling a first rate management team, and developing the organization, both operationally and financially. I take great pride in the fact that I recruited Tom and am convinced that he has the right skills to lead the company forward."
TheStreet.com, Inc. is publisher of
, a leading Web-based provider of original, timely, comprehensive and trustworthy financial news and commentary.
www.thestreet.com) was founded in 1996 and is based in New York City, with bureaus in San Francisco, Silicon Valley, London, Tokyo and Berlin.
editorial team, with approximately 80 experienced financial journalists and two dozen outside contributors, publishes approximately 50 original news stories and commentaries every business day, including columns by James J. Cramer, Herb Greenberg, and Adam Lashinsky. TheStreet.com, Inc. has established strategic alliances with Yahoo!, America Online, The New York Times Co., Fox News Network, L.L.C., Intuit, 3 Com, E*TRADE, DLJdirect, and other leading companies. The Street.co.uk, a financial news site majority owned by TheStreet.com and intended for UK investors, will launch in early 2000.
Statements contained in this news release which are not related to historical facts may be deemed forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties (described in the company's SEC's filings) which could cause actual results to differ.
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