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Red-Inked World Commerce Shuffles Executive Deck

ORLANDO-The locally based company is halting its global exchange foliage and fresh produce business to concentrate on selling its retail technology to individual firms.

By Alex Finkelstein | Updated on March 13, 2001

ORLANDO-A year ago, locally based World Commerce Online was trading in the Over-the-Counter market at $22 per share. Today, the stock is at 84 cents. The company is trimming its work force; redefining its market direction; and reshuffling the corporate suite, according to the company’s latest Securities and Exchange Commission filing.

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.

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