Chairman Bob Shaw and CEO Michael Poole are out but remain on the board. David Parker, a partner in Miami-based Interprise Technology Partners, sits in the chairman's slot. Interprise owns 27% of World Commerce Online, according to the SEC filing. Joseph Dugan, a former Oracle Corp. executive, is the new CEO.
The company is slicing 25 jobs off the 95-person payroll in Orlando and shrinking its total U.S. and European staff to 80 from 135. On the selling block are the firm's FloraPlex and Produce Online global exchanges.
There's still more dark news ahead. World Commerce expects to report further losses in two weeks. The company has gone through $60 million in venture capital in two years, according to the SEC filing.
In its first full operating year in 1999, World Commerce lost $40.6 million on revenue of only $43,000. The company has been operating under the World Commerce banner since 1996.
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