CED Inaugurates New Chairman Steve Nelson and Elects New Board.

Business Editors

Les Bethune Named Chairman-Elect

At its recent board of directors meeting, the Council for Entrepreneurial Development (CED) elected its new 2002-2003 board of directors to lead the organization through its next year of operations, and named Les Bethune, a partner with Ernst & Young LLP, as chairman-elect for 2003-2004.

Previously, at its Entrepreneurial Excellence Awards on June 18, the group inaugurated its chairman for 2002-2003, Steve Nelson, a partner with the Wakefield Group.

"We're very pleased about the strong cross-section of North Carolina's business community that our board represents," said Monica Doss, CED president. "And Steve's exceptional vision, quality standards, and results-oriented approach make him the perfect person to lead us at this new juncture.

"In association with our Innovation to Impact five-year strategic initiative, Steve recently led CED in raising more than $3.5 million through our most successful funding campaign to date - exceeding our goal by more than 15% and all during one of the most difficult fundraising environments this community has ever seen," continued Doss. "He must either be exceptionally committed to the cause of high growth entrepreneurship or a glutton for punishment for taking on this new role. Either way, CED and area entrepreneurs win."

Nelson takes the helm for the first phase of CED's Innovation to Impact five-year undertaking, intended to further improve the climate for high growth entrepreneurs throughout the Triangle and the state. He succeeds celebrated entrepreneur Kip Frey, formerly CEO of OpenSite Technologies and currently a limited partner at Intersouth Partners; and precedes Bethune who will take over the reigns in June 2003.

In addition, the new members of the board of directors include:

-- Peyton C. Anderson, SciQuest.Com, Inc.

-- M. Les Bethune, III, Ernst & Young LLP

-- Claudia A. Black, Sicel Technologies, Inc.

-- Michael Brader-Araje, truePilot

-- Kenneth G. Carroll, Womble Carlyle Sandridge & Rice, P.L.L.C.

-- Kent F. Christison, Kennedy Covington Lobdell & Hickman, LLP

-- B. Jefferson Clark, The Aurora Funds

-- Kenneth F. Clark, III, Comerica, Technology and Life Sciences Division

-- Reid Conrad, Commerciality

-- Walter E. Daniels, Daniels & Daniels, P.A.

-- Doug Darr, Ph.D., N.C. Biotechnology Center

-- Richard Daugherty

-- Bernard Gray, Gray Ventures, Inc.

-- Bill Gwyn, Maupin Taylor & Ellis, P.A.

-- Robbie Hardy, Silk Road Partners

-- Byron Kirkland, Smith Anderson Blount Dorsett Mitchell & Jernigan, L.L.P.

-- Chris Lynch, Wyrick Robbins Yates & Ponton, LLP

-- Merrill M. Mason, Hutchison & Mason PLLC

-- Gerard P. McNamara, Heidrick & Struggles

-- Donovan Moxey, Ph.D., LIPSinc.

-- Mary Musacchia, SAS Institute Inc.

-- Steve Nelson, Wakefield Group, L.P.

-- Jeff Reid, The Kenan-Flagler Business School

-- Sallie Shuping Russell, Intersouth Partners

-- Christy Shaffer, Inspire Pharmaceuticals, Inc.

-- Jack Sheffield, Deutsche Banc Alex.Brown

-- Matthew Szulik, Red Hat, Inc.

-- Clay B. Thorp, Catalysta Partners, LLC

-- Stephen J. Walsh, Ph.D, PE

-- Ford Worthy, A.M. Pappas & Associates, LLC

The new board members join the following existing members:

-- Peyton C. Anderson, SciQuest.Com, Inc.

-- M. Les Bethune, III, Ernst & Young LLP

-- Claudia A. Black, Sicel Technologies, Inc.

-- Michael Brader-Araje, truePilot

-- Kenneth G. Carroll, Womble Carlyle Sandridge & Rice, P.L.L.C.

-- Kent F. Christison, Kennedy Covington Lobdell & Hickman, LLP

-- B. Jefferson Clark, The Aurora Funds

-- Kenneth F. Clark, III, Comerica, Technology and Life Sciences Division

-- Reid Conrad, Commerciality

-- Walter E. Daniels, Daniels & Daniels, P.A.

-- Doug Darr, Ph.D., N.C. Biotechnology Center

-- Richard Daugherty

-- Bernard Gray, Gray Ventures, Inc.

-- Bill Gwyn, Maupin Taylor & Ellis, P.A.

-- Robbie Hardy, Silk Road Partners

-- Byron Kirkland, Smith Anderson Blount Dorsett Mitchell & Jernigan, L.L.P.

-- Chris Lynch, Wyrick Robbins Yates & Ponton, LLP

-- Merrill M. Mason, Hutchison & Mason PLLC

-- Gerard P. McNamara, Heidrick & Struggles

-- Donovan Moxey, Ph.D., LIPSinc.

-- Mary Musacchia, SAS Institute Inc.

-- Steve Nelson, Wakefield Group, L.P.

-- Jeff Reid, The Kenan-Flagler Business School

-- Sallie Shuping Russell, Intersouth Partners

-- Christy Shaffer, Inspire Pharmaceuticals, Inc.

-- Jack Sheffield, Deutsche Banc Alex.Brown

-- Matthew Szulik, Red Hat, Inc.

-- Clay B. Thorp, Catalysta Partners, LLC

-- Stephen J. Walsh, Ph.D, PE

-- Ford Worthy, A.M. Pappas & Associates, LLC

About CED

The Council for Entrepreneurial Development, located in Research Triangle Park, NC, is a private, non-profit organization formed in 1984 to stimulate the creation and growth of high-impact companies in the greater Research Triangle region. CED provides education, mentoring and capital formation resources to new and existing high-growth entrepreneurs through annual conferences, seminars, workshops and monthly programs on entrepreneurial management and finance. CED is the largest entrepreneurial support organization in the nation with more than 5,000 members representing 1,200 entrepreneurial companies, financiers and professional firms. For more information, visit www.cednc.org.