AUDIBLE.com CEO STEPS DOWN

By: Chris Marlowe Company Continues Restructuring


(The Hollywood Reporter) Audible.com CEO Thomas Baxter has resigned as
part of staff reductions and other changes designed to streamline
the spoken-word Internet company's operations. Among the
company's audio products are versions of The Wall Street
Journal, The New York Times, and the Los Angeles
Times.

Founder and chairman Donald Katz will take over as CEO, a
position he has held twice before -- from the company's inception
in 1995 until 1998 and again from 1999 until February 2000.
Baxter will remain on the board of directors.

Additionally, chief technology officer Robert Kramer will be
promoted to president. He was a senior executive at American
Management Systems before joining Audible early last year.

Personnel layoffs resulted in the staff being reduced 40%, with
losses being spread across all levels of the company.

The changes are intended to reduce Audible.com's quarterly cash
consumption rates without affecting its growth, with the goal of
achieving positive cash flow by the end of 2002 without the need
for additional capital.

"Audible has consistently met or exceeded operating and cash-use
expectations, but it is plainly not prudent to wait for the
capital markets environment to improve enough to allow us to
execute our original financial plan," Katz said. He also
expressed his appreciation for the contributions of the departing
staff members.

"I couldn't be more proud or feel more secure about the prospects
for Audible and its current team," Baxter said. "This company is
ready to soar, and I plan to be there to help and serve as an
active member of the board."

Audible has more than 30,000 hours of audio programs and 165
content partners, including leading audio book publishers,
broadcasters, magazine and newspaper publishers, and business
information providers. The company also has strategic
partnerships with Amazon.com and Random House Inc.



Copyright 2001, Editor & Publisher.