The VERT board is looking to sell the company.
Verticalnet Announces Management Changes
MALVERN, Pa.--(BUSINESS WIRE)--Nov. 13, 2002--Verticalnet, Inc. (Nasdaq:VERT), a leading provider of Collaborative Supply Chain Solutions, today announced the resignation of Kevin S. McKay, president and CEO, and John A. Milana, CFO. Mr. McKay and Mr. Milana have taken Verticalnet through a successful phase of financial restructuring that has enabled the initiation of the process to sell the company. With the completion of that phase, both have determined that others within Verticalnet may be better suited to seeing the company through its next stage of evolution. The timing of these resignations follows the filing last week of the company's Form 10-Q for the quarter ended September 30, 2002, in which Verticalnet disclosed its Board's decision to engage US Bancorp Piper Jaffray to assist in the possible sale of the company. Mr. McKay and Mr. Milana both signed the Form 10-Q and the required certifications.
In addition, Verticalnet's board of directors today announced the appointment of Nathanael V. Lentz as Verticalnet's new president and CEO, effective immediately. Mr. Lentz has served as Senior Vice President of Strategy and Marketing for Verticalnet and had been tasked with leading Verticalnet's internal process to position the company for sale. Mr. Lentz will replace Mr. McKay as a member of Verticalnet's board of directors.
"With the Verticalnet Board, and myself personally, taking a leadership role in driving the sales process, and with our third quarter Form 10-Q filing behind us, Kevin and John felt the timing was right to pass the baton," said Verticalnet Chairman Mike Hagan. "With their help, Verticalnet has restructured significant financial obligations to a point where we believe we can viably focus on positioning the company for sale, and we appreciate both Kevin's and John's many contributions."
"Nate Lentz is the ideal candidate to lead this company forward," Hagan continued. "Not only does he possess a thorough understanding of our business and the transaction process, but his exceptional leadership and marketing skills make him the person best able to strategically position the company. The Board and I have every confidence that Nate, with the support of our outstanding senior executive team, will drive the next stage of Verticalnet's development to the benefit of our stakeholders."
Mr. Lentz joined Verticalnet's executive team in August 2000 and was initially charged with leading Verticalnet's strategic migration to an enterprise software company. Prior to joining Verticalnet, he was Vice President and Partner at Mercer Management Consulting where he served as the head of both its San Francisco and Hong Kong offices. In this capacity, Lentz was responsible for providing strategic guidance, M&A assistance, and implementation support for a range of Fortune 500 companies. Mr. Lentz has an MBA from Stanford and a B.A. from Brown University.
"With the support of the Board and the entire management team, John and I have accomplished a great deal over the past year. I am pleased to have had the opportunity to contribute in a meaningful way," stated Kevin McKay. "Verticalnet's technology and executive team are both first class and I believe that many software companies would benefit greatly from infusing the company's leading edge software products and services into their core offering. I wish Nate and the team much success going forward."
Verticalnet did not name a replacement for Mr. Milana at this time, but has begun a process to identify a new chief financial officer.
About Verticalnet
Verticalnet (Nasdaq:VERT) is a leading provider of Collaborative Supply Chain Solutions that enable companies and their supply- and demand-chain partners to communicate, collaborate and conduct commerce more effectively. Verticalnet's Collaborative Supply Chain Solutions are unique. The Collaborative Supply Chain Foundation enables organizations to manage diverse communities of suppliers and buyers across disparate systems in a secure environment while providing multi-party data integration and an ability to support role-based security. With a comprehensive set of Collaborative Supply Chain applications, including Spend Management, Strategic Sourcing, Collaborative Planning and Multi-tier Order Management, Verticalnet offers an extensive integrated supply chain solution. Verticalnet's solutions enable companies to achieve significant cost savings by reducing product costs and inventory levels, and to enhance top-line revenue growth through faster response to customer requirements. For more information about Verticalnet, please visit www.verticalnet.com.
CONTACT:
Verticalnet
David Kaplan, 610/695-2310
dkaplan@verticalnet.com
or
FitzGerald Communications
Melissa Moynier, 617/585-2206
mmoynier@fitzgerald.com
SOURCE: Verticalnet
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11/13/2002 09:27 EASTERN |
