Hagan Takes Over Reins At VerticalNet

Internet-based e-commerce enabler VerticalNet, based in Horsham, Pa., today announced that Michael Hagan, co-founder and COO, has been appointed to the position of president and CEO, effective immediately. The announcement comes in the wake of a surprising resignation--VerticalNet's previous CEO, Joseph Galli, who has accepted the position of president and CEO at Newell Rubbermaid. Galli had previously served in the nontech sector as CEO of Black & Decker before following the tech trend to companies like Amazon and VerticalNet. <P> Hagan created the original concept of VerticalNet and founded the company in 1995. He also directed VerticalNet's acquisition strategy, so the company's transition of leadership should be smooth. <P> "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," Hagan says. "I eagerly anticipate contributing to its future growth, path to profitability and expansion of services to the global marketplace." <P> Despite the sudden move, relations between Galli and existing VerticalNet executives remains civil. Besides massive layoffs and closing announcements, the exodus of high-level executives leaving for traditional companies is the latest signal that the golden age of dot-com businesses is over. <P> Galli's statements center on his long-term career objective to return to the durable goods industry. If we are to believe Galli, the thrill of working with plastic was his only reason for leaving the technology sector. He says,"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."

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