VitalStream Announces Resignation of ItsCo-Founder and Chief Executive Officer

HostReview.com
Monday, November 22, 2004; 04:16 PM

VitalStream Holdings, Inc. (www.vitalstream.com announced that Paul S. Summers resigned as chief executive officer and president of VitalStream Holdings, Inc. and its main operating subsidiary, VitalStream, Inc. 

Philip N. Kaplan, co-founder and chief operating officer of the Company since its inception, has been appointed as president of VitalStream Holdings, Inc. in addition to his role as COO.

The board of directors of the Company believes that Summers' entrepreneurial skills and leadership as a co-founder of the Company were instrumental in starting and building a successful company.

Summers' experience and insight regarding the Company and the industry will continue to be available to the Company as he continues serving as a director of the Company.

In the interim, Kaplan together with other senior management will have responsibility for the day-to-day duties that Summers had handled. 

"Speaking on behalf of my fellow board members and myself, we are extremely grateful to Paul for his many contributions to the Company.

Summers remarked, "Five years ago, I would've never imagined how far we would be able to take the Company.  Today, the Company has approximately 50 incredible employees, hundreds of customers including many large media and enterprise household names, a solid balance sheet, and a history of significant growth.

Summers added, "My tenure at VitalStream has been challenging and rewarding, and I appreciate the support I've received during these formative years from colleagues and investors alike.