VerticalNet has promoted Michael Hagan, co-founder and chief operating officer, to president and chief executive officer, replacing Joseph Galli, who resigned to become president of Newell Rubbermaid.
VerticalNet chairman Mark Walsh, said: “Mike is respected as a true industry visionary who balances strategic insight with proven capabilities in team-building and business growth. He has expertly steered the helm as VerticalNet executed on a number of key strategic acquisitions, expanded into 58 vertical marketplaces, and established lucrative relationships with the high-tech world’s leading players. He has positioned us strongly in the increasingly complex and competitive Internet B2B sector.”
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 growth, path to profitability, and expansion of services to the global marketplace.”
According to Walsh, Galli made several key contributions during his tenure: “Joe did a great job identifying key opportunities, and making the organizational changes necessary to address them. He has much to be proud of for the time he was here, and we wish him well at Newell Rubbermaid.”
VerticalNet provides end-to-end eCommerce solutions through its strategic business units - VerticalNet Markets and VerticalNet Solutions. VerticalNet International leverages the 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.