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[iVILLAGE LOGO]
FOR IMMEDIATE RELEASE
iVILLAGE NAMES DOUG McCORMICK CEO
Candice Carpenter to Serve as Chairman of the Board of Directors
NEW YORK - July 27, 2000 - iVillage Inc. (Nasdaq: IVIL), operator of
iVillage.com: The Women's Network (http://www.ivillage.com and AOL keyword:
ivillage), the leading women's network online, today announced that Doug
McCormick, President of iVillage, has been elevated to Chief Executive Officer,
effective August 1st. Candice Carpenter, current CEO, will serve as Chairman of
the Board.
With this announcement, Ms. Carpenter will continue to be involved in the
company's long-term strategic direction including developing global
partnerships, building corporate alliances and leveraging the brand into other
media. Mr. McCormick takes over the full management and operations of the
company.
"This is a natural step in the evolution of iVillage, and in my own evolution,"
said Candice Carpenter. "The timing for this is right as the company is poised
to take advantage of its position as a market leader. As we further drive
operating leverage to gain profitability, iVillage is now at a period where
Doug's talents are extremely useful to the company. In addition, it is becoming
more important to put a face on our brand to help connect women to it. In
addition to leveraging the brand in other media and forging relationships, I am
eager to spend more time in this role, representing the brand to women here and
around the world."
Under Ms. Carpenter's leadership as CEO, iVillage has become one of the leading
destinations on the Internet and has been the consistent leader in the online
women's market, with over 10 million unique visitors a month(i). The company has
the highest concentration of women among the top 50 sites and is 6th in
percentage visitor growth over the last 12 months, also among the top 50 sites.
It is one of the top 20 Internet brands(ii), with a brand awareness in its
target group of 67%.
As a result of early commitment to sponsorships with blue-chip brands, iVillage
delivers the highest revenue per thousand page view of all the leading online
media sites. Ms. Carpenter's vision in building vibrant online communities broke
the path for bringing women online and continues to make the network one of the
stickiest destinations on the web, consistently in the top 25. This active
participation of members was built into a significant permission-based marketing
platform, with over 86 million newsletters a month across 75 topics of concern
to women.
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The company has accelerated its profitability date by two quarters since the
IPO, and EBITDA losses have declined 40% over the last two quarters. iVillage is
expected to be cash positive in the second half of 2001, and signed two
significant joint ventures in the last 6 months, one with Unilever to launch a
beauty-related site, the other with Tesco in the UK to launch iVillage UK, the
company's first step in international expansion.
Carpenter continued, "Doug was formative in developing the advertising business
for cable and drove Lifetime's revenues from $90 million to nearly half a
billion dollars during his tenure as CEO. Over the last two years, Doug has
garnered our respect and trust. I've always believed that when you find a great
talent that fits the challenges of the day, you give them the room to run, and
Doug has proven in a short time that he has the tenacity, focus and drive to
optimize the business at this stage."
"Having served the company for nearly two years as a member of the board, the
more I have gotten to know iVillage the more I have been impressed with the
business Candice and Nancy have built," said Doug McCormick. "The company is in
a prime position to capture the rewards of its leadership position, and I
appreciate Candice's trust in giving me an expanded role. I look forward to
increasing revenue, growing the business and leveraging the strength of the
brand to develop a premier media company for the women's online market."
Previously, Doug served as CEO at Lifetime Television. During his six-year
tenure there, he created the programming and marketing strategy, "Television for
Women," which is credited with increasing the market value of the network by
more than three billion dollars.
Carpenter continued, "He not only brings the experience of running a leading
women's media company, but also the know-how of building one of the most
profitable networks in the country."
McCormick was instrumental in bringing cause-related marketing on behalf of
women to advertisers. His efforts on behalf of women's and children's issues
have won him many awards, including top honors from the New York Women's Agenda,
Girls, Inc. and the Golden Cable ACE for Lifetime's efforts in combating breast
cancer. He was also cited with the National Women's Political Caucus'
prestigious "Good Guy Award."
He sits on the Board of Trustees of American Women in Radio and Television
Foundation, the Ad Council, the Child Care Action Campaign, the Women's Sports
Foundation, and is a former officer of the Cable Advertising Bureau. He received
his MBA from Columbia University and resides in Manhattan.
About iVillage.com: The Women's Network
iVillage.com: The Women's Network (http://www.ivillage.com and AOL keyword:
ivillage) is the leading women's network online providing practical solutions
and everyday support for women between the ages of 25 and 54. iVillage.com is
organized into branded communities across 16 content channels that focus on
issues of most importance to women and provide interactive services, peer
support and online access to experts and tailored shopping opportunities.
Content channels include allHealth, Astrology, Beauty, Click!: Where Computers
Make Sense, Diet & Fitness, Food,
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Garden, MoneyLife, ParentsPlace, Parent Soup, Pets, Readers & Writers,
Relationships, Travel, Work from Home and Working Diva. Established in 1995 and
headquartered in New York City, iVillage Inc. (Nasdaq: IVIL) is a new media
company, recognized as an industry leader in developing innovative sponsorship
and commerce relationships that match the desire of marketers to reach women
with the needs of iVillage.com members for relevant information and services.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:
iVillage Inc. has included in this press release certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 concerning iVillage's business, operations and financial condition. The
words or phrases "can be", "expects", "may affect", "may depend", "believes",
"estimate", "project" and similar words and phrases are intended to identify
such forward-looking statements. Such forward-looking statements are subject to
various known and unknown risks and uncertainties and iVillage cautions you that
any forward-looking information provided by or on behalf of iVillage is not a
guarantee of future performance. Actual results could differ materially from
those anticipated in such forward-looking statements due to a number of factors,
some of which are beyond iVillage's control, in addition to those discussed in
iVillage's other press releases, public filings and statements by iVillage's
management, including (i) the volatile and competitive nature of the Internet
industry, (ii) changes in domestic and foreign economic and market conditions,
(iii) the effect of federal, state and foreign regulation on iVillage's
business, and (iv) the impact of recent and future acquisitions on iVillage's
business and financial condition. All such forward-looking statements are
current only as of the date on which such statements were made. iVillage does
not undertake any obligation to publicly update any forward-looking statement to
reflect events or circumstances after the date on which any such statement is
made or to reflect the occurrence of unanticipated events.
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CONTACTS:
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Media:
Jason Stell Carl Fischer
iVillage Inc. The Abernathy MacGregor Group
212.206.3141 212.371.5999
[email protected] [email protected]
Analysts and Investors:
Barbara Coffey Carina Thate
iVillage Inc. The Abernathy MacGregor Group
917.326.4193 212.371.5999
[email protected] [email protected]
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(i) DoubleClick DART Proprietary Report, June 2000
(ii) e-Branding Index, Corporate Branding, LLC
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