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From Dropout to Billionaire: Founder of Gateway Resigns Ted Waitt, 42, announced yesterday that he was resigning as chairman of Gateway, the personal computer maker he started 20 years ago. Richard D. Snyder, 46, a board member who helped lead Gateway during its fastest growth period, will become chairman, joining the chief executive, Wayne Inouye, in efforts to bring the company, which is based in Irvine, Calif., back to profitability. "It's been 20 years; it's time," Mr. Waitt said in an interview. "The company has clearly stabilized." Mr. Waitt dropped out of college to start the company with Mike Hammond in 1985, backed by a $10,000 loan guarantee from Mr. Waitt's grandmother. "We never put any limitations on what Gateway could be," Mr. Waitt told an audience of 50 shareholders at the company's shareholder meeting in Costa Mesa, Calif. "We had big dreams, big goals." Gateway shares began trading at a split-adjusted $3.75 in December 1993 and reached a closing high of $82.50 on Nov. 15, 1999. Waitt's personal fortune grew to as much as $8 billion. In February, Forbes magazine listed him as the 488th-richest person in the world, with $1.4 billion. The shares closed yesterday at $3.23, up 2 cents. The company's share of the United States personal computer market slid from a high of 9.1 percent in 1999 to 5.8 percent last year. Dell became the top personal computer vendor, with 30 percent, in 2004. Gateway lost $2.4 billion from 2001 to 2004 because of the high cost of running stores, which Mr. Waitt championed as a showcase for products that included flat-screen televisions in addition to personal computers. The stores were eventually closed. Mr. Waitt has been selling about 75,000 Gateway shares a day to cut his stake to 82 million shares, or about 22 percent. He will remain Gateway's biggest shareholder. News Sourcehttp://www.nytimes.com
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