Leading cable broadband provider Excite@Home Monday moved to reinforce its
new strategic focus on its core broadband business with the official departure of Chairman and Chief Executive Officer George Bell in favor of Telocity and Sprint veteran Patti S. Hart.
Bell, who lead the company into the content arena through the merger with
Excite and numerous other media properties, resigned from the company and
the board. He announced his intentions to resign from the CEO position in
September, 2000.
Hart’s appointment to the chairman and CEO roles appears to be a clear sign
that Excite@Home is serious about its renewed commitment to the broadband
aspect of its business, and a phasing out of those media properties not
relevant to the core broadband franchise. Her latest stint was as chairman,
president and CEO of Silicon Valley-based DSL provider Telocity Inc., a
company she, and the board and executive team she built, took public in
2000. She was also a driving force behind Telocity’s acquisition by HUGHES
Electronics Corp., parent of DIRECTV.
And Hart’s telecommunications roots go back even further. Before joining
Telocity, she served as president and chief operating officer of Sprint
Corp.’s Long Distance Division, spearheading that company’s partnership with
EarthLink.
“Patti’s appointment adds a seasoned leader to our management team,” said
William Randolph Hearst III, partner, Kleiner, Perkins, Caufield & Byers and
board search committee member. “She brings both large company and Internet
operating experience, with deep expertise in telecommunications and
high-speed data, and a proven track record in managing a complex network of
partners.”
In her statement Monday, Hart signified her readiness to lead the company in
a more broadband-focused direction by tackling service issues, and to
address head-on its current cash crunch (the company said last week it needs
an influx of between $75 million and $80 million to get it through the
year).
“I will look for opportunities that will help us deliver a superior service,
address the current cash situation and drive towards profitability,” Hart
said. “I plan to provide clarity and focus for the company and execute on
our substantial market opportunity. My operational expertise will provide
the foundation to nurture the wealth of talent at the company, taking us to
the next level of service with the goal of becoming profitable.”
She added, “Like no other company, Excite@Home has every asset to take
advantage of this huge market opportunity. The network, partnerships and
client software working in concert create a broadband powerhouse like no
other. My job is to weave these parts together, take advantage of the huge
untapped potential, execute on the business plans and drive towards superior
service and profitability.
“I’m a broadband believer, and today, we’re just at the beginning of the
game. Broadband has and will continue to change the way we work and live —
it is the future of communications and entertainment.”
Meanwhile, Bell leaves the company after five years of service, first as
president and CEO of Excite Inc., and as chairman and CEO of Excite@Home
following the merger.
“I am proud of leading Excite and then Excite@Home through its remarkable
journey thus far, and of setting the foundation for the company’s leadership
in broadband,” he said. “Most of all, I am proud of the people in this
company — their talent and passion foremost.
“The decision to move on at this time was made a lot easier knowing that
Patti’s operational expertise will serve the company well.”
