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Gateway CEO steps down
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December 8, 1999: 5:01 p.m. ET
Jeff Weitzen, president, to take over reins from Ted Waitt at PC maker
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NEW YORK (CNNfn) - Ted Waitt stepped down as chief executive officer of computer maker Gateway Inc. Wednesday after 14 years at the helm of the company he founded.
Jeff Weitzen, Gateway (GTW) president, will take over as CEO while retaining his current title. Waitt will remain chairman of the board.
"Jeff's appointment to CEO is both a formalization of the roles we've essentially been playing for the last year and a recognition of the outstanding job he's done preparing Gateway for the next century," Waitt said in a statement.
Weitzen, who joined Gateway in January 1998, spent 18 years at AT&T Corp. (T), most recently as executive vice president of its business markets division. Fortune magazine first reported Waitt’s plans to step down by the end of the year in its Dec. 20 issue.
Waitt, 36, has led Gateway’s rise to becoming Dell Computer Corp.‘s (DELL) biggest competitor as a direct-seller of PCs. Gateway has consistently increased its unit shipments, while its stock has soared 168 percent this year.
Gateway shares slipped 7/8 to close at 65-7/8. 
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