Mary Walker, former chief executive officer at Home Director, is the new president and CEO of Equitel, a national prepaid telecommunications service provider.
In addition, Equitel announced it has changed its stock ticker symbol from WFPK following its 2001 acquisition by the Wolfpack Corp, another prepaid telephone services firm. Shares of Equitel stock are traded on the small-cap OTC Bulletin Board.
Walker has more than 20 years of leadership experience with consumer-oriented technology companies, including IBM. Walker joined Equitel last January as president and is succeeding outgoing CEO and founder Tony Cullen, who the statement says “handpicked” Walker for the position.
In the release Cullen says: “Now that our merger with the Wolfpack Corporation and our new stock listing is complete, I am handing over the daily leadership responsibilities.”
Walker, a graduate of Duke University, helped spin off Home Director from IBM and led the company in raising $55 million in venture capital before it experienced financial troubles during the 2001 dot-com shakeout, forcing Home Director to reorganize.
For 2001 Equitel revenues increased 59 percent to $2.6 million while net losses also increased 30 percent to $7.8 million, according to documents filed with the Securities and Exchange Commission. Shares of Equitel stock ranged in price from 60 cents to $1.95 during the last 52 weeks, and recently traded near 95 cents. The company’s market capitalization is $35.1 million.
Equitel Web site: www.equitel.com