Homestore.com Names New CEO After Founder Resigns

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Homestore.com Inc. named Michael Long CEO yesterday to replace co-founder, chairman and CEO Stuart Wolff, who resigned to "pursue a new technology venture," the company said.


Long previously was CEO of Healtheon Corp. and served as chairman of WebMD Inc. after the two companies merged.


Homestore.com also named Jack Dennison, another former WebMD executive, as chief operating officer. Lewis Belote was named chief financial officer, replacing Joseph Shew, who resigned Dec. 6. Board member Joe Hanauer has been named chairman.


Homestore.com, Westlake Village, CA, said this month that preliminary results of an internal audit had found that it overstated advertising revenue from January to September 2001 between $54 million and $95 million. The real estate services portal said that it would restate its earnings for the first nine months of the year. The company also said that the transactions under review occurred in 2001 and 2000 and that it may have to restate its earnings for 2000 as well.


The Nasdaq stock market halted trading in Homestore.com's stock Dec. 21 at $3.60. The stock resumed trading Jan. 7 and closed that day down $1.14 at $2.46.


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