MADRID — Bob Davis, the founder and president of webco Lycos, has formally stepped down from Spanish Internet operator Terra, reportedly to dedicate more time to his new investment venture Highland Capital Partners.
Highland is focused on building companies in the communications, information technology and healthcare markets. Davis forms part of the investment team, specializing in digital media and software startups.
Davis’ departure from Terra, where he was a board member and vice president, will not come as a surprise. In May 2000 Spanish telco giant Telefonica made waves buying Lycos for $12.6 billion in stock to strengthen the international expansion of Terra.
One reason for the Lycos purchase was said to be the market-driven talents of Davis.
But the U.S. exec was increasingly sidelined by Terra’s polemical chairman Joaquim Agut as Lycos was folded into Terra, which in turn is now being drawn back into Telefonica.
Davis stepped down as Terra Lycos CEO in February 2001.