George Bell, chairman and CEO of Redwood City, CA-based Excite@Home, resigned yesterday as the company’s first quarter net loss increased from $677 million to $832.6 million. During the same period, the broadband service provider’s revenue jumped 3%, from $138.1 million to $142.8 million. The quarter ended March 31.
Bell has been replaced by Patti S. Hart, who was most recently president and CEO of Telocity Inc., a digital subscriber line telecommunications provider.
Excite@Home attributed its loss to investment write-downs and restructuring costs related to various acquisitions of $630 million. Its net operating loss for the quarter was $61.6 million, compared to a net operating loss of $4.6 million a year earlier.
Jumps in the company’s revenue from consumer subscriptions to its broadband services and sales of its services to small and medium-sized company were offset by a 41% decline in advertising and sponsorship sales.
Bell had been with the company for five years, first as president/CEO and CEO of Excite, Inc., and as chairman/CEO of Excite@Home after Excite merged with @Home Network.
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