Tom Morgan finds a lump of coal in his stocking.
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Value America Organizes for Quality Growth: Glenda Dorchak Named
CEO, Wolf Schmitt Named Chairman of the Board
Business Wire - November 24, 1999 08:15
CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--Nov. 24, 1999--Value America, Inc. (NASDAQ: VUSA), the Internet
superstore, announced a change in its management team designed to focus on quality growth and a drive to profitability.
Glenda Dorchak, who joined the company as President in October 1998 after 23 years at IBM, will become Value America's
new CEO. "Value America's innovative business model is becoming a viable and exciting business," said Dorchak. "As we
advance toward profitability, we are determined to focus on providing the highest-quality customer experience, increasing the
depth of products in our store and solidifying our standing as e-commerce's inventory-less pioneer."
John Steele, Executive Vice President of Operations who joined Value America in April 1999, has been promoted to COO.
Steele came to the company from the Genuine Parts Company where he specialized in advanced distribution, supply chain
management and logistics. In his new position, Steele will have responsibility for operations and technology, reducing the
company's costs, and improving efficiency. "Value America has successfully built a leading e-commerce infrastructure," said
Steele. "Our job now is to increase our efficiency, control our costs and strengthen our bottom-line."
In addition, Wolf Schmitt, retired Chairman and CEO of Rubbermaid, Inc. and current Value America director, has been
named the new Chairman of the Board. "Value America's inventory-less business model is second to none," said Schmitt. "A
top-quality management team is being empowered to generate explosive growth and focus its efforts on achieving profitability. I am energized to be part of this team and to bring value to consumers."
Craig Winn, the company's innovative founder and e-tailing pioneer, will serve as Chairman of the Board's Executive Committee and will consult with Schmitt on strategic direction and brand relationships.
The company also announced that Tom Morgan, former CEO, will be leaving the company for personal reasons, returning to be
with his family in Northern Virginia.
ETC. ETC.
CONTACT: Value America, Inc.
David Kuo, 804/951-4225
dkuo@valueamerica.com
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