Rod Schrock said he wanted to spend more time with his family but is reported as saying that not enough was initially invested in the company and that the company was “blessed with a sense of incredibly poor timing.” Alta Vista announced last month that it was cutting staff by 25% to accelerate its route to profitability.
The flotation has already been postponed on two occasions due to poor market conditions. It was bought in 1999 by internet investment firm CMGI for $2.3 billion.