RealTime IT News

A Changing of the Guard

Troubled VISTA Information Solutions Inc. , a B2B information and technology provider to the real estate industry, said that Thomas R. Gay is stepping down as president and CEO and will become chairman of the company he founded in 1990.

Gay will focus on developing strategic alliances aimed at expanding VISTAinfo's real estate channel position.

The company, whose stock closed last week at $1.87, near its 52-week low of $1.50, said it expects to select a new CEO by early next year. The stock's 52-week high is $6.12 and the company recently reported that preliminary results for the three months ended June 30 saw revenues of $21.7 million and an after tax loss of $2.6 million. The company lost $2.5 million in the previous quarter.

Until a new CEO is appointed, day-to-day company operations will continue under the leadership of recently appointed COO, Howard Latham and the VISTAinfo board.

"I have full confidence in the new management team at VISTAinfo to lead the company forward," Gay said. "The team will continue to consolidate operations, lower costs from recent acquisitions and achieve the company's growth and profit goals. In addition, after ten years of building VISTAinfo, I am looking forward to focusing my time on new strategies for VISTAinfo as well as pursuing other areas of personal interest."

Jay D. Seid, a managing director of Bachow and Associates who has served as VISTAinfo's chairman for the past three years, will continue as a director of the company, and be actively involved as a member of the transition team.

VISTAinfo, a provider of online multiple listing services and real estate management software, is a business-to- business e-commerce and information services company for the North American real estate industry. The company says its Internet properties, information services and software products are used by more than half of all real estate agents and brokers in the United States.