Industry News

HouseValues co-founder to step down

Company reports quarterly loss of $1.2 million

HouseValues on Tuesday reported a $1.2 million loss in the first quarter 2007, and announced that its chairman will be leaving the company later this month. HouseValues co-founder Mark Powell is stepping down as chairman of the board, the company said in a Securities and Exchange Commission filing. The board has elected Frank M. "Pete" Higgins to replace Powell, who is expected to officially step down on May 31, the date of the company's annual shareholder meeting. Higgins is a founding partner of Seattle-based Second Avenue Partners and spent 16 years at Microsoft, where he reported to CEO Bill Gates. Powell is a second-generation Realtor who also spent 10 years in the advertising and marketing field. He founded HouseValues in 1999. "Mr. Powell's decision not to stand for re-election did not result from a disagreement with the Company on any matter relating to the Company's operations, policies or practices. After more than seven years with HouseValues Mr. Powell has decided to de...

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