HomePoint Announces Management Changes

Furniture World Magazine

HomePoint, the leading provider of e-business solutions to the home furnishings industry, announced that Mike West, the company's founder, has stepped down as president, CEO and chairman of the Board. West will remain on HomePoint's Board of Directors, where his input and vision are important as the company continues its dynamic growth. In the interim, William Herlong, executive vice president, will serve as acting president and CEO. The move is part of a planned transition, which West and HomePoint initiated several months ago. The goal of this initiative is to retain a president/CEO to guide the company through the next phase of its rapid development. According to West, "I feel this is the appropriate time to make this transition, both for HomePoint and the industry as a whole. We are well-positioned to take the lead in bringing business-to-business e-commerce to manufacturers and retailers." William Herlong, acting President and CEO, said, "Since founding HomePoint two years ago, Mike's entrepreneurial vision and energy have helped HomePoint quickly execute the initial phases of its growth and infrastructure development. As he anticipated, we've reached a point in our evolution where it's time for a CEO whose experience will help us build on the momentum we've established and maximize the full potential of this organization." HomePoint Corporation (www.homepoint.com), a privately held company headquartered in Greenville, SC, is the leading provider of e-business solutions to the home furnishings industry. The company's unique business-to-business strategy enhances the efficiency and productivity of the home furnishings marketplace through a sophisticated extranet platform that connects manufacturers, retailers and consumers. By streamlining the flow of information and goods, this platform allows retailers to offer consumers an expanded selection and faster delivery. In January 2000, the company completed a $55 million second round of equity financing led by TH Lee.Putnam Internet Partners, Catterton Partners, GE Equity, Granite Associates, Piedmont Venture Partners and New Millennium Partners bringing the total amount raised to $72 million.