Eoghan Jennings to leave XING AG effective September 30
Hamburg, April 8, 2009 – Eoghan Jennings is stepping down as Chief Financial Officer of XING AG on April 30, in order to pursue new business endeavors in the fields of venture capital and corporate finance. Since joining XING AG – the operator of the leading European business network XING – in October 2004, he has been instrumental as CFO in successfully establishing the solid foundations of the company and has played a central role in steering the ongoing development and growth of XING AG. After stepping down from the Management Board, Mr. Jennings will continue to support the company in an advisory capacity until September 30, 2009.
"Over the last four years, Eoghan Jennings has played a major part in increasing professional standards at the company. He has implemented structural changes with great tenacity and foresight, particularly in the areas of accounting and controlling. Both the Management Board and Supervisory Board would like to express their gratitude to Eoghan for his commitment and invaluable contributions. We are pleased that he will be continuing to advise the company over the months ahead,” said Dr. Stefan Gross-Selbeck, CEO of XING AG. The Supervisory Board also thanks Eoghan for his sterling achievements and wishes him every continued success in the future. “I have thoroughly enjoyed being involved in the successful growth of the company. I leave XING AG in very capable hands and look forward to following its continuing progress,” said Mr. Jennings. He will now be turning his sights to new challenges ahead, adding, “I really enjoyed contributing to XING’s remarkable success over the last few years and I now intend to apply the experience gained at XING as an investor and advisor to other young start-up companies.”
As Chief Financial Officer of XING AG, Mr. Jennings was instrumental in the rise of the company from a start-up enterprise to a well-established capital market player within just a few years. Besides securing numerous rounds of capital from business angels and private equity, he also oversaw the expansion and optimization of internal structures within the company’s Finance department, setting up internal accounting and controlling processes and implementing international accounting standards (IFRS). The successful IPO of the company in 2006 marked a major highlight in his managerial career at XING AG, resulting in an initial market capitalization in excess of €150 million. In the period that followed, the XING AG share delivered the best performance when compared with all other IPOs in Germany with a total allocated issue volume of more than €50 million.
Since the IPO of the company, Eoghan Jennings has also been responsible for establishing the Investor Relations department and capital markets communications of XING AG, which is listed in the Prime Standard of the Frankfurt Stock Exchange. This role has included responsibility for the implementation of Annual General Meetings, as well as for all interim and annual reports. His management tenure has seen an increase in the visibility of the company share and the number of reporting analysts, as well as the successful acquisition of significant investors for the company.
XING is the leading European network for business contacts. Far more than a directory of business contacts, XING makes your professional network an active part of your life, enabling members to discover professional people, opportunities and privileges through its unique discovery capability and advanced contact management tools.
With the successful IPO of XING as the first Web 2.0 company to go public, XING AG has had a long-term impact on the social networking trend amongst professionals. By focusing on the target group 'business people worldwide', the company is able to offer tailored features, thereby making networking and contact management simpler. Besides Headquarters in Hamburg, XING AG is also represented with offices in Barcelona, Milan, Istanbul and Beijing.
XING. Powering Relationships.