Richard Smith, president of Cendant's real estate division, has resigned as a director of Homestore.com, Homestore said Tuesday. The company did not say why Smith resigned or if it would replace Smith. Smith had served on the company's board since April 2001, two months after Homestoreits stock-based purchase of Cendant's Move.com.
With Homestore shares having plummeted more than 90 percent since the deal closed, Cendanta $285 million after-tax charge last month related to the sale. Homestore plans to restate its 2001 and 2000 earnings this month after its 2000 revenue by at least 17 percent and revenue for the first nine months of 2001 by about $113 million. Earlier this year, Stuart Wolff as Homestore's chairman and a member of the company's board, and was replaced by long-time board member Joe Hanauer.