Network Solutions Inc. (Nasdaq: NSOL) tapped James Rutt, formerly an executive at Thomson Corp., as its new chief executive on Monday. Shares rose 15/16 to 64 15/16.
The Herndon, Va. domain name registrar has been without a chief executive since Gabriel Battista left in November to take the helm at Tel-Save Holdings Inc. (Nasdaq: TALK), since renamed Talk.com Inc.
Rutt will need to guide Network Solutions through a new challenge: competition. In April the Federal government allowed five companies to register names with the suffix .com, .org and .net, ending the company's monopoly as a registrar.
Rutt's roots end at Thomson, where he was chief technology officer, among other management positions. Rutt also co-founded First Call Corp., the financial information services company later acquired by Thomson.
Network Solutions topped estimates for its first quarter, earning 14 cents a share on revenue of $16.5 million.