09/11/2001 Board and Management Changes Jim Rose to become Deputy Chairman Mark Zaleski promoted to Chief Executive Officer QXL ricardo plc (LSE: QXL.L; Nasdaq: QXLC; Frankfurt: QXL.F), the pan-European online auction company, today announced the appointment of Jim Rose, current Chief Executive Officer, to the newly created position of non-executive Deputy Chairman of the Board. Mark Zaleski, Chief Operating Officer, is appointed Chief Executive Officer and joins the Board of Directors. Both appointments take effect immediately. These appointments follow significant consolidation of QXL ricardo's position across Europe over the last two years and reflect the current focus on the operations of the business. As Chief Executive Officer since May 1999, Mr Rose successfully saw the company through its Initial Public Offering on two stock markets, built a member base of over 3 million, and expanded the company from four to twelve country operations, consolidating the fast growing segment of online auctions across Europe. In his new role, Jim will support the continuous development of the company's business strategy and alliances. Mark Zaleski joined QXL as Chief Operating Officer in October 2000 from Webvan Group, Inc., where he was President of Webvan Operations Inc. and Senior Vice President of Area Operations for Webvan Group. He was a key member of the senior management team that launched the company's operations and led the company's Initial Public Offering last year. Prior to joining Webvan in December 1998, Mr Zaleski served as Senior Vice President/Group Managing Director Central Europe, and earlier for Western Europe, for ACNielsen Corporation. From September 1985 to July 1994, he held a variety of senior management positions in the European operations of the Federal Express Corporation. Stan Laurent, President of Strategic Development and Executive Director, has tendered his resignation from the Board, which he will be leaving as well as his current responsibilities with the company on 31 December 2001. Stan joined QXL in September 1998 and spearheaded the organic developments of QXL across Europe, the company's shift to an agency business model, and the acquisitions and ensuing integrations. Jonathan Bulkeley, Chairman of QXL ricardo plc, commented: "Stan Laurent has made a major contribution to the transformation of QXL ricardo from a small, UK-based, online retailer into the leading pan-European e-commerce platform it is now. During his three years with QXL, he successfully implemented QXL's radical shift in business model as well as its rapid organic and external growth across Europe, in particular by driving the merger process with ricardo. I would like to thank Stan for his contribution to the company's development." Jim Rose, Deputy Chairman, said: "I am proud to have successfully overseen the development of QXL ricardo into the leader in e-commerce that it is today. I am looking forward to continuing to work alongside Mark as he formally assumes responsibility for the day-to-day running of the business." Mark Zaleski, Chief Executive Officer, commented, "After seeing through accelerated consolidation of the business, I am excited about this opportunity to continue to execute on developing QXL ricardo's strong position across Europe and to drive the company towards profitability through our ongoing focus on top line growth, lower cost base, and customer retention programmes."
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The Company was informed today by Mr Zaleski that his beneficial interests, and those of persons connected with him, in the Company's securities at the date of his appointment on 9 November 2001 were 6.0 million options at an exercise price of £0.10, granted in February 2001 and expiring February 2011. Mr Zaleski at present does not own any ordinary shares in QXL Ricardo plc. For further enquiries please contact
This press release may contain forward-looking statements that relate to the Company's plans, objectives, estimates and goals. The Company's business is subject to numerous risks and uncertainties, including risks associated with: funding requirements; acquisitions; only having a limited operating history; regulation of auctions and the Internet; probable variability in the Company's quarterly operating results; the Company's results of operations not being indicative of future performance; significant losses being incurred as a result of expansion of the Company's business; dependence on growth of online consumer-to-consumer commerce market; risks associated with development and growth of the Company's foreign language web sites; intense competition; failure to develop the Company's brand; failure to expand the Company's systems; risks associated with managing internal growth and retaining and recruiting personnel; international expansion; online commerce security; risks associated with not developing new services, features and functions; risks associated with intellectual property rights; fraudulent activity of the Company's members and suppliers; and seasonality. These and other risks and uncertainties, which are described in more detail in the Company's Registration Statement, dated 7 October 1999, on Form F-1, and the Annual Report dated 1 October 2001 on Form 20-F filed with the Securities and Exchange Commission, in the Company's prospectus and listing particulars filed with the UK Listing Authority and the Registrar of Companies in England and Wales (the most recent being dated 7 September 2000 and supplemented on 20 November 2000), in the German Sales and Listing Prospectus dated 23 October 2000 filed with the Frankfurt Stock Exchange, could cause the Company's actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
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