Citing personal reasons, Homestore's CFO Joseph Shew is leaving the company. According
to the company, Shew joined Homestore in 1998 as a comptroller, and was
subsequently promoted to vice president of finance, and then CFO in February of
this year.
According to insider trade data, Mr. Shew sold 65,000 shares of
Homestore stock over his 10-month tenure as CFO for approximately
$1,946,911.
The company has come under heavy criticism by analysts for heavy insider
trades, particularly by its top leadership, and for its accounting practices,
prompting Internet bull, Henry Blodget, who has left Merrill Lynch under a
cloud of controversy himself, to comment publicly that Homestore's senior management
has a "credibility problem."
Homestore plummeted more than 20 percent for the day, closing at $2.47.
Published: December 6, 2001
Use of this article without permission is a violation of federal copyright laws.
