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Former Maytag CEO's Venture Falls Flat

Staff -- TWICE, 5/28/2001

SAN FRANCISCO — iMotors.com, the used car selling site headed by former Maytag chief executive Lloyd Ward, closed shop late last month.

The company, based here, went belly-up after one of its primary investors bailed out and others followed. The cyberdealer had raised $137 million in financing over the last two years and was reportedly on track to turn a profit this year.

Ward resigned from Maytag in November 2000 after only 14 months as chairman and CEO. The company attributed his sudden resignation to sharp differences with the board of directors over "strategic outlook and direction."

Ward was succeeded by his predecessor Len Hadley, and joined iMotors in January. He reportedly had turned down offers from Fortune 500 companies in favor of the entrepreneurial challenge of a dot.com startup, but said he now plans to return to big business.

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