The options to set up as a profit-making company or a charity were rejected, and Nominet was established on 14 May 1996 as a private, not-for-profit membership company, limited by guarantee.[7] Whilst the move was generally popular, there was strong resistance from some parts of the industry.[8] Although formed with a board composed of Willie Black (who became the first CEO of the new company), John Carey and the four co-founders drawn from the internet industry,[9] elections were held by the new membership which resulted in the first elected board members to oversee the growth of the UK domain name industry.