SEASONED EXECUTIVE AND TECHNOLOGY FUNDING VETERAN KEITH GRINSTEIN JOINS NETSUITE'S BOARD OF DIRECTORS
SAN MATEO, Calif. — February 5, 2007 — NetSuite, Inc., the leader in on-demand business software suites, today announced that Keith Grinstein was appointed to NetSuite's board of directors. Mr. Grinstein has more than fifteen years of executive and board experience spanning across the telecommunications, Internet, and venture capital industries. He currently serves as chairman of Coinstar Inc. (NASDAQ: CSTR) and as a member of the board directors and audit committees of F5 Networks (NASDAQ: FFIV), Labor Ready (NYSE: LRW), and Nextera (NASDAQ: NXRA).
Mr. Grinstein joins NetSuite's board of directors, which consists of Evan Goldberg, founder and CTO of NetSuite; Zach Nelson, CEO of NetSuite; Billy Beane, general manager of the Oakland Athletics, Deborah Farrington, founder and general partner of StarVest Partners, L.P.; Steve Fink, CEO of Lawrence Investments, LLC; and Philip Simon, president of Lawrence Investments, LLC. For more information please visit www.netsuite.com/grinstein
"Keith brings a wealth of experience as an audit committee member, business executive and successful technology investor," said Evan Goldberg, chairman, co-founder, and chief technology officer of NetSuite. "With his exceptional operational, strategic and legal experience, Keith is an invaluable addition to our board."
"This is an exciting time for Software as a Service, and NetSuite is an emerging leader in the space," said Grinstein. "I am especially impressed with the business efficiencies and executive and boardroom operational visibility that NetSuite gains by running its business on its own service."
Grinstein is a currently a partner of Second Avenue Partners, a venture capital firm which is focused on emerging Internet businesses. He has held a number of senior executive positions, serving previously as Nextel International Inc.'s president and chief executive officer and prior to that as president and chief executive officer of the Aviation Communications Division of AT&T Wireless (formerly McCaw Cellular Communications).
Mr. Grinstein is an experienced public company audit committee member and has lectured extensively on Sarbanes-Oxley compliance. In 2003, Mr. Grinstein testified in front of the US Senate Banking Committee on behalf of NASDAQ small and mid-cap companies regarding the effects of Sarbanes-Oxley legislation. Mr. Grinstein is also a frequent lecturer on Section 404 of Sarbanes-Oxley, executive compensation and director duties; and has lectured on director duties at the University of Washington Business School and Seattle University Law School.
A successful venture capitalist, Mr. Grinstein was a seed-capital investor in Amazon.com (NASDAQ: AMZN). He is a founding partner of Second Avenue Partners, a VC group funding Pacific Northwest early-stage companies. In addition, he has been a driving force behind structuring a number of leading companies including Pathogenesis, VaxGen (VXGN: PK), Tegic, HouseValues (NASDAQ: SOLD), Wireless Services, Nordstrom.com of Nordstrom Inc. (NYSE: JWN), Superconductor Collider Corporation, Neah Power (NPWS: PK), Insitu, and Ice Energy.
Earlier in his career, Mr., Grinstein held the position of senior VP, general counsel and secretary for Lin Broadcasting and vice president and assistant general counsel for McCaw Cellular Communications.
Grinstein holds a B.A. in education from Yale University and a J.D. magna cum laude from Georgetown University Law Center.
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