Hoover's Announces Results of 2001 Annual Shareholders' Meeting
FOR IMMEDIATE RELEASE
AOL Time Warner's Business 2.0 President Ned Desmond Elected to Hoover's Board of Directors
AUSTIN, TEXAS - September 14, 2001 - Hoover's, Inc. (Nasdaq: HOOV), a leading provider of online business information and tools to help businesspeople get their jobs done, today announced results of its annual shareholders meeting held on September 11. Edward W. "Ned" Desmond was elected by Hoover's shareholders to serve as a new member of the board of directors, and Thomas J. Hillman and Jeffrey R. Tarr were re-elected as board members, each within Class I of the company's board of directors. In addition, Patrick J. Spain has been re-elected by the board as its chairman. Spain has served as chairman of the board since 1994. Spain also announced that he is resigning from his operational role as full-time executive chairman, effective October 10, 2001, but will continue to serve as Hoover's chairman of the board in a non-executive capacity. Spain will also continue to be available to consult with the company on an as-needed basis.
Desmond is the president and editor of Business 2.0, an AOL Time Warner magazine that covers the digital economy. AOL Time Warner (NYSE: AOL) is Hoover's largest shareholder. Desmond was previously employed by Infoseek Corporation as a senior executive and an editor. Additionally, Desmond was a senior writer and contributing editor for FORTUNE magazine, after spending 12 years as a journalist for Time magazine, including positions as bureau chief in New Delhi and Tokyo.
"Ned brings with him vast knowledge and expertise and I would like to personally welcome him to the team," said Spain. "His leadership roles at various business publications and distinguished career as a journalist will bring us a unique perspective, combining both management of a media enterprise and editorial expertise."
"I am honored to have been elected to the Hoover's board of directors and am proud to be a part of a company with such a well-established brand name and strong reputation," stated Desmond.
Tarr, who has served as chief executive officer and president of Hoover's since May 2001 and has been a director since June 2001, said, "I appreciate the shareholders confirming the board's vote of confidence in me and am excited to lead as both CEO and as a board member. Hoover's has a wealth of talent across the organization and I look forward to continuing to build Hoover's into a premier business information provider."
Hillman is an entrepreneur across a broad range of industries and is a principal of Hillman Consulting, which provides management consulting services with an emphasis on strategic planning, organizational development and corporate finance. He joined the Hoover's board in 1992. "I look forward to continuing to contribute to the success of Hoover's," said Hillman.
Spain, a co-founder of the company, served as CEO for more than eight years until May 2001, and has served as chairman of the board since 1994. During Spain's tenure as CEO, the company transformed itself from a small reference book publisher to a premier online business information company reaching millions of businesspeople worldwide. Spain led the company's initial public offering in July 1999 and helped deliver EBITDA profitability during the quarter ended June 30, 2001, his last quarter as CEO. "It has been a pleasure and an honor to have served as the leader of our fine company," said Spain. "My thanks go out to the shareholders, directors and employees of Hoover's, without whom we would not have been able to create this unique and wonderful organization. I look forward to continuing to serve as chairman of the board."
About Hoover's, Inc.
Hoover's, Inc. (Nasdaq: HOOV) is a leading provider of business information. Hoover's publishes authoritative information on public and private companies worldwide, and provides industry and market intelligence. This information, along with advanced searching tools, is available through Hoover's Online (www.hoovers.com), the company's premier online service that helps sales, marketing, recruiting and business development professionals and senior-level executives get the global intelligence they need to grow their businesses. Hoover's business information is also available through corporate intranets and distribution agreements with licensees, as well as via print and CD-ROM products from Hoover's Business Press. Hoover's investors include AOL Time Warner (NYSE: AOL), Media General (NYSE: MEG), and Knowledge Universe. Hoover's is headquartered in Austin, Texas, and has offices in New York City and San Francisco.