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Gateway names president
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January 22, 1998: 6:56 p.m. ET
Former AT&T chief Weitzen named to steer computer maker
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NEW YORK (CNNfn) - Direct computer retailer Gateway 2000 Inc. Thursday named Jeffrey Weitzen as its new president and chief operating officer.
Weitzen replaces Richard Snyder who left the company in July to head up a venture capital firm, but remains on the company's board of directors.
Weitzen will report to Ted Waitt, Gateway's chairman and chief executive officer, and will be responsible for the sales and marketing divisions as well as manufacturing, engineering and worldwide business operations.
He comes to Gateway from AT&T Corp. where he was in charge of the company's business markets division. At AT&T, he developed a number of electronic commerce services. Analysts say before leaving AT&T, Weitzen's responsibilities were cut, but it was not clear why.
Waitt said Weitzen's background in technology marketing and development will be an asset to management.
"His record as a corporate leader will strengthen Gateway 2000 as we enter a new era of growth. I've been looking for a new president for the past six months. The search has been exhaustive. But the result has more than justified the hard work...," he said.
Earlier in the day, Gateway (GTW) reported fourth-quarter diluted earnings of $93 million, or 59 cents a share, blowing away analysts' expectations of 45 cents.
Gateway shares ended the day up 1/4 to 34. In after-hours trading, Gateway had added 1 to 35.
--from staff writer Cyrus Afzali
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Gateway 2000
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