Leto to Wear Third Hat at NIC:
The board of directors of Network Imaging Corp. in Herndon, Va., has given its president and chief executive officer more control of the company. Ex-PRC chairman and chief executive officer, Jim Leto, was elected chairman at a meeting on June 4.
Leto replaces Robert Bernardi, who has been chairman since spring 1996. Bernardi will now serve as director of the board. Some say the staff changes reflect the company's recent quarterly report. Revenues for the first quarter were $9.1 million, a $1.4 million decrease from 1996 revenues of $10.5 million. On the brighter side, the company only suffered a net loss of $2.7 million. In the same quarter of 1996, the company reported a loss of $5.3 million.
Praise for the Money People:
Financier of the year Russell Ramsey, president of Friedman, Billings, Ramsey & Co., said at the Northern Virginia Technology Council's first Greater Washington Technology CFO Awards Banquet June 4 that the greatest recruiting challenge in the region is in the chief financial officer market.
Jack Hughes, CFO of BTG Inc., won the community service award; C. Thomas Faulders, executive vice president and CFO of BDM International Inc., and Donald Yount, CFO of Versatility Inc., shared the honors for CFO of the Year; and America Online's CFO Lennert Leader won the Hall of Fame Award.
Little Area Fish Makes Big Splash:
Yurie Systems - a TechCapital pick in the premiere issue's "Onward and Upward" feature on hot area companies to watch - has been noticed by another magazine, too.
Business Week's May 26 issue listed the Lanham, Md.-based communications equipment maker as No. 1 of 100 hot growth companies in the country. Yurie's revenues have grown an average of 385 percent over each of the past three years.
Yurie's president Jeong Kim, who was featured on Business Week's cover, told our TechCapital reporter he was the first journalist ever to interview him. TechCapital is a sister publication of Washington Technology.
Hundt Revolves Out of FCC:
Many people inside and outside the Beltway had been expecting Federal Communications Commission Chairman Reed Hundt's resignation last month. According to the rumor mill, Hundt may be musing a move to Microsoft or planning to join his high school friend Al Gore in the next presidential campaign.
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