Amazon COO resigns
Galli quits to head VerticalNet, New York business-to-business company
July 25, 2000: 1:02 p.m. ET
NEW YORK (CNNfn) - Amazon.com President and Chief Operating Officer Joseph Galli has resigned to take the helm of B2B firm VerticalNet, his new employers told CNNfn.com Tuesday.....more....."Great companies know when to add power, and as President and CEO, Joe is capable of capitalizing on VerticalNet's tremendous momentum while managing our fast-paced growth," said Walsh, in a company press release.
"At Amazon.com, Joe was at the center of the e-commerce revolution, and his previous experience at Black & Decker provided him the skills and background to manage a large global organization in an industrial marketplace. Joe is ideally suited to lead VerticalNet forward as we continue to aggressively build on our market-leading position and international expansion strategy."
The executive shuffle appeared to take analysts by surprise.
"At first blush, if Walsh remains chairman, then I think the company wants him to play an external role, while bringing in someone more operational," said Ian Toll, an analyst at CS First Boston.
"Walsh has done a great job, but it may be that VerticalNet needs additional bandwidth at the top."
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Shares of Amazon.com plunged almost 12 percent in midday trading Tuesday on rumors of a possible management shakeup at the online retailer.
VerticalNet Inc. (VERT: Research, Estimates), an e-commerce concern, runs 57 Web sites targeting various industries that conduct business-to-business communities, or vertical trade groups. |
