VERT CEO goes to work for Newell Rubbermaid... hehe
scuse me while I laugh ...hahahahahahahahahah ;-))))))
oh that felt good!!
VERT), the Internet's leading e-commerce enabler, today
announced that Michael Hagan, co-founder and Chief Operating Officer,
has been appointed to the position of President and Chief Executive
Officer, effective immediately. Hagan will replace Joseph Galli, who
has resigned to accept the position of President and Chief Executive
Officer at Newell Rubbermaid Inc.
Hagan created the original concept of VerticalNet and founded the
Company in 1995 with Mike McNulty. As COO, Hagan had direct
operational responsibility over VerticalNet Solutions and the NECX
business unit. Hagan also directed VerticalNet's acquisition strategy,
including the purchase of Tradeum, (now the VerticalNet Solutions
business unit) a leading provider of e-commerce software. Most
recently, Hagan led efforts to sell NECX to Converge, Inc., and enter
into a strategic alliance with the high-tech consortia as the largest
shareholder and software/technology partner.
VerticalNet Chairman Mark Walsh, who has worked closely with Hagan
since joining the Company in 1997, said: "We're all excited about
Mike's style of leadership and his new role. Mike is respected as a
true industry visionary who balances strategic insight with proven
capabilities in team-building and business growth. Moreover, Mike has
expertly steered the helm as VerticalNet executed on a number of key
strategic acquisitions, expanded into 58 vertical marketplaces, and
established long-standing and lucrative relationships with the
high-tech world's leading players. He has positioned us strongly in
the increasingly complex and competitive Internet B2B sector."
Walsh continued, "As CEO, Mike's solid industry relationships will
help to grow the company's ability to service the needs of our
customers, suppliers and partners. And, his in-depth knowledge of the
B2B sector will enable us to continue to capitalize on our two
high-growth market sectors: e-commerce software and industry-specific
marketplaces providing e-commerce, content and enablement services."
Commenting on his new role, Hagan noted: "I have enjoyed watching
the company I co-founded grow to become an industry leader. This year
brings several unprecedented opportunities for VerticalNet, and as
CEO, I eagerly anticipate contributing to its future growth, path to
profitability, and expansion of services to the global marketplace."
Hagan also outlined three areas of focus for the Company moving
forward:
VerticalNet Markets: Work with newly appointed President Pat Hume
to provide additional value to the buyers and suppliers within
VerticalNet's 58 industry-specific online marketplaces by continuing
to extend the products and services which enable on-line commerce.
VerticalNet Solutions: In guiding the business unit that delivers
the leading direct procurement applications to industry alliances and
global 2000 enterprises, Hagan will work with the VerticalNet
Solutions team to continue this division's impressive growth
trajectory by creating significant value for customers through the
delivery of leading edge applications.
Converge: As a member of the Converge Board of Directors and as
the leading partner advocate for Converge within VerticalNet, Hagan
will focus on ensuring that VerticalNet fully supports Converge's
development into the leading electronics exchange.
According to Walsh, Galli made several key contributions during
his tenure at VerticalNet. "True to form, Joe did a great job
identifying key opportunities, making the big-picture organizational
changes necessary to address them, and continuing to identify the kind
of top-notch management that we expect to lead this company to our
most exciting -- and profitable -- growth period yet." He continued:
"Joe has much to be proud of for the time that he was here, and we
wish him well at Newell Rubbermaid."
"VerticalNet remains the same incredible growth opportunity it was
when I joined earlier this year, if not more so," said Galli.
"VerticalNet remains a leader in its class, possesses vastly untapped
technological expertise and market potential, and has an all-star
management team that will lead the company to profitability and
beyond." He continued, "What excites me most about working for Newell
Rubbermaid is the opportunity to return to my roots in the durable
goods industry, and to apply the skills I've learned in the New
Economy to an area that I know and love best."
About VerticalNet, Inc.
VerticalNet, Inc. (Nasdaq: VERT) (www.verticalnet.com), the
Internet's leading business-to-business e-commerce enabler, provides
end-to-end e-commerce solutions that are targeted at distinct business
segments through its strategic business units -- VerticalNet Markets
and VerticalNet Solutions. VerticalNet Markets provides value to
buyers and suppliers by offering trade relevant content, marketplaces,
and enablement services through its 58 industry-specific
VerticalNet(R) Marketplaces. VerticalNet Solutions delivers the most
comprehensive digital marketplace solutions available to industry
alliances, global 2000 enterprises, Net market makers, and VerticalNet
Markets. VerticalNet International leverages the Company's strategic
business units to create global Internet B2B marketplaces, offering
products and services internationally and partnering with companies
that have strong local presence and domain expertise.
This announcement contains forward-looking statements that involve
risks and uncertainties, including statements that are preceded by,
followed by or include the words "believes," "plans," "intends,"
"expects," "anticipates," "will," "should" or similar expressions. For
such statements, VerticalNet claims the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
from the results predicted, and reported results should not be
considered as an indication of future performance. Factors that could
cause actual results to differ from those contained in the
forward-looking statements include potential difficulties in providing
customers with products and services that meet their needs and
potential technology issues relating to the implementation of the
VerticalNet Solutions' suite and services, as well as those factors
set forth in VerticalNet's Annual Report on Form 10-K for the year
ended December 31, 1999 and VerticalNet's Quarterly Report on Form
10-Q for the quarter ended September 30, 2000, each of which has been
filed with the SEC. VerticalNet undertakes no responsibility to
publicly update or revise any of the forward-looking statements that
may be in this release.
--30--db/ny*
CONTACT: VerticalNet, Inc.
Nyssa Tussing, 215.315.3710
ntussing@verticalnet.com
or
Fitzgerald Communications for VerticalNet, Inc.
Joe Vukson, 617.588.2258
jvukson@fitzgerald.com
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: E-COMMERCE INTERNET MANAGEMENT CHANGES
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com |
