WorldGate Communications Inc. chief financial officer David
Dill has resigned his position with the company to join Commerx Inc., a Chicago-based
electronic-commerce firm.
WorldGate, based in Trevose, Pa., said it has initiated an
executive search for Dill's replacement.
"David originally joined the company in April 1996 to
assist in securing start-up funding and eventually taking the company public; he has been
instrumental in that regard," WorldGate chairman and CEO Hal Krisbergh said in a
prepared statement. "We wish him the very best in his new endeavors."
Dill will continue to be available as a resource to
WorldGate as a member of the financial-advisory committee being set up to assist the
company with long-term financial planning. In the interim, Dill's responsibilities
have been assigned to other financial-management personnel within the company.
WorldGate raised about $105 million in its initial public offering April 15. The
company -- which provides Internet service over the television set --said it has reached
agreements with several domestic and international cable operators representing about 2.3
million subscribers, including Charter Communications. The company said in its IPO
prospectus that its system is also in various stages of testing by cable operators with
systems serving about 29 million subscribers.
Traded on the National Association of Securities Dealers
Automated Quotation system, WorldGate stock closed at $29 per share Aug. 10, down $1.25.
