Property ManagementHomestore Announces New Management Structure
designed to align the company more tightly with its core real estate, builder
and rental professional customers. Steve Ozonian will lead REALTOR.com as
president of that group. Pat Whelan has been named group president of the
HomeBuilder, Apartments and Rentals and consumer and advertising business
units. Allan Merrill has been named executive vice president, business
development and Walter Lowry has been named senior vice president, general
counsel and secretary. On Jan. 7, the company announced a new chairman, Joe
Hanauer; chief executive officer, Mike Long; chief operating officer, Jack
Dennison; and chief financial officer, Lew Belote.
The management team led a comprehensive, strategic review of business units,
investments, partnerships and corporate infrastructure spending. As part of the
review, the company will eliminate approximately 300 positions during the first
quarter of this year. The company also announced the sale of its eNeighborhoods
business unit. Terms of that agreement were not disclosed.
``As a result of an extensive assessment process involving both customers
and employees, we have refocused Homestore on its core business objective --
making real estate professionals more productive and profitable. By disposing
of non-strategic businesses, and eliminating unnecessary investments and
corporate services, the new Homestore is now centered primarily on improving
the usefulness and quality of our real estate products and services,"" said
Mike Long, chief executive officer. ``A more focused, leaner Homestore makes us
a more reliable partner to the real estate industry, a better value for our
customers and a more stable workplace for our employees. We will improve our
core products and services and rely on the brands that are already widely
recognized by our customers, tying our success more closely to that of our
customers.""