Ascencio – CEO @ Quepasa.

Quepasa Corporation announced that Fernando Ascencio, formerly promoted to the position of President in February of 2004, has been named President and CEO of the Company, effective immediately.

“We wish to thank Jeffrey Peterson for his many contributions to Quepasa during his years as Chief Executive, particularly his stewardship of the Company through difficult market conditions,” said President and CEO Fernando Ascencio. “After pulling Quepasa back from the brink of corporate death during the dotcom crash, he successfully re-invigorated our business with a new focus on our core market. Thanks to Mr. Peterson’s tenacity and leadership during these difficult years, the Company was able to achieve measurable progress at a time when most of its peers were closing their doors. For some time, Mr. Peterson has wanted to return his focus directly to his technology interests and away from day to day corporate affairs”, Ascencio said.

“I knew from the first time I met Fernando that he could someday become CEO of Quepasa,” said Jeffrey Peterson, Quepasa’s founder and Chairman. “During the past several years, we’ve worked together to bring increased value to Quepasa shareholders. We’ve developed an exciting growth strategy, and with Fernando leading the day-to-day operations, we’re poised to take the company to the next level. It’s been gratifying for me to work with Fernando and watch him grow into such a crucial role. His passion for execution, coupled with his vision and strategic expertise, is just what Quepasa needs to tighten up internal processes and overall corporate discipline as we move forward.”

As President and CEO, Ascencio will manage the overall performance of the company, including leading the company to achieve its long-term goals, enhance and continue to build an effective executive team, and establish and maintain business relationships with key industry partners.

“In order to continue executing the company’s strategy, I have four simple objectives, and they will be my top priorities as CEO,” said Ascencio. “We will improve the overall customer experience at Quepasa, rationalize and improve the company’s infrastructure, leverage our core skills and assets to produce new sources of revenue and profits, and attract, retain and develop talented employees who can contribute to our long-term growth. As our executive team executes these priorities over the next several years, we will always strive to deliver the greatest possible value to both our customers and shareholders.”

As Chairman, Jeffrey Peterson will continue to help guide the company on long-term strategic opportunities, represent the company with key industry, civic and Hispanic constituents, and provide leadership to the board of directors.

“This is an excellent time to transition the CEO job and day-to-day management of the company to Fernando,” said Peterson. “I’ve never wanted to be an entrenched CEO. I’ve been privileged to be CEO when the company needed me the most, and we’re lucky to have a mature successor who is ready to carry our strategy forward. We have successfully planned for this transition to leverage the strengths of both Fernando and myself.”