Business Journal: Gold River Company Downsizes
Insweb in Gold River, one of Sacramento’s smaller publicly owned companies, has announced some cost-cutting measures.
Wednesday, October 4, 2006
Insweb’s business is providing those comparative rates for insurance often seen on the Internet, whether it’s healthcare, auto, homeowner, or other types of insurance. But the company’s lost millions in recent years. Now it’s laid off 27 people, nearly a quarter of its staff, according to documents filed with the Security and Exchange Commission. Additionally, founder and CEO Hussein Enan and two other top executives agreed to slash their salaries in return for increased stock options. Just a few weeks ago Insweb had announced a deal with Kelly Blue Book, to provide comparative insurance rates for potential auto buyers.