Exhibit 1
For Immediate Release:
January 29, 2001
EarthWeb Inc. Names Peter A. Derow As President and CEO
Co-Founder Jack D. Hidary To Serve As Chairman
New York, NY, January 29, 2001 - The Board of Directors of EarthWeb Inc.
(Nasdaq:EWBX) has named Peter A. Derow as President and CEO of EarthWeb Inc.,
succeeding Jack D. Hidary, a Co-founder and President/CEO who has resigned to
become Chairman. Derow has served as a Director of EarthWeb Inc. since 1999.
Murray Hidary, Co-founder and Executive Vice President, has also resigned his
position to become a Consulting Advisor to several ventures he is currently
supporting. He will continue to serve as a Director of the Company.
"I want to thank Jack for asking me to serve as an advisor in 1998, as a
Director in 1999, and now as President/CEO," said Peter A. Derow, newly named
EarthWeb Inc. President and CEO. "The Company is well positioned to continue its
leadership role as The IT Career Solutions Company with market-dominant products
and services for IT professionals."
"EarthWeb's strength today is a direct result of the strategic action we have
taken over the past several years to ensure a sound financial position, a clear
focus and a very seasoned executive management team," said Jack D. Hidary,
EarthWeb Inc. Co-Founder and past President/CEO.
"I am proud to have led the EarthWeb team for the past five years during the
Company's growth to its current leadership position. I have looked forward to
when I could move beyond day-to-day management and move closer to my future
ambitions. With Peter Derow as President and CEO, I am confident that the
Company will achieve its goals."
Murray Hidary said, "It's been extremely rewarding to lead EarthWeb's M&A
efforts to identify and complete a number of significant investment
opportunities such as Dice.com and MeasureUp that have enabled EarthWeb to
achieve a strong leadership position in the IT career services industry."
Peter A. Derow's thirty-five year business career spans a wide range of
executive accomplishments creating extraordinary shareholder value. Most
recently at Institutional Investor, Inc., a wholly owned subsidiary of Capital
Cities/ABC and later Walt Disney Company, Derow served as President and CEO from
1988 to 1997, where earnings increased more than eleven-fold on a 240 percent
increase in revenues. His previous positions include Chairman and President of
Newsweek, Inc., Director of The Washington Post Company, President of the CBS
Publishing Group, and Senior Vice President and Director of CBS, Inc. where he
co-founded Prodigy. After 1997 Derow began to serve as a Director of a number of
Internet and IT- related companies which currently include EarthWeb Inc., CACI
International,Inc. (Nasdaq:CACI), Global Spec.com, MediaMap and
101Communications, LLP.
-more-
As President and CEO, Jack Hidary's accomplishments include the securing of
funding from Warburg Pincus Ventures, completion of a record-breaking initial
public offering along with a secondary and convertible notes offering, and the
recruitment of a superb management team that has achieved record revenues and
margins. Under Mr. Hidary's leadership, EarthWeb Inc. also earned the
prestigious Business Week Info Tech 100 award as the third fastest growing IT
Company, and recently ranked in both the Bloomberg Tech 100 and the Red Herring
Tech 250.
As Executive Vice President, Murray Hidary has managed the Company's Mergers and
Acquisition efforts. He has also provided executive management support for the
Company's strategy and operations. Under his leadership, EarthWeb Inc. completed
over twenty acquisitions of IT- related companies that have developed a platform
for the Company's IT career solutions focus.
About EarthWeb Inc.
EarthWeb Inc. (Nasdaq: EWBX, www.ewbx.com <http://www.ewbx.com/>), the IT Career
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Solutions Companytm, is the leading online provider of career development
resources to the world's Information Technology (IT) professionals. EarthWeb
Inc. provides services to hire and retain IT professionals
through dice.com, the leading online IT job board, as ranked by Media Metrix and
Alexa in 2000, and MeasureUp, a leading provider of preparation products for IT
professional certifications.
This press release may be deemed to contain forward-looking information. Any
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements, including statements as to industry trends, future economic
performance, anticipated profitability, anticipated revenues and expenses, and
products or service line growth, may be significantly and materially impacted by
certain risks and uncertainties, including, but not limited to, failure to meet
operating objectives or to execute the operating plan, competition, and other
economic factors. Additional risks and uncertainties are described in the
Company's public filings with the Securities and Exchange Commission. Any
forward-looking information in or referred to by this press release is current
only as of the date of publication, and EarthWeb Inc. disclaims any obligation
to update this information.
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At the Company:
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Constance Melrose
Vice President, Investor Relations
(212) 725-6550 phone
(212) 725-6559 fax
ir@earthweb.com <mailto:ir@earthweb.com>
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Harold Miltsch
Chief Marketing Officer
(212) 725-6550 phone
(212) 725-6559 fax
pr@earthweb.com <mailto:pr@earthweb.com>
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