The CEO of internet portal Alta Vista has resigned, describing
the company as a victim of neglect since it was first founded. The
company is due to float on the stock market in a few months, but
this will be delayed until a replacement CEO is found.
Rod Schrock said he wanted to spend more time with his family
but is reported as saying that not enough was initially invested in
the company and that the company was “blessed with a sense of
incredibly poor timing.” Alta Vista announced last month that it
was cutting staff by 25% to accelerate its route to
profitability.
The flotation has already been postponed on two occasions due to
poor market conditions. It was bought in 1999 by internet
investment firm CMGI for $2.3 billion.
