LAS VEGAS--(BUSINESS WIRE)--April 24, 2001--
E-Commerce Leader Appoints Quantum Executive and Former
Texas Instruments Semiconductor CFO, Richard L. Clemmer,
as Vice Chairman and Chief Financial Officer
PurchasePro (Nasdaq:PPRO) today announced that its board of
directors has appointed Richard L. Clemmer, 49, as vice chairman and
chief financial officer.
Clemmer succeeds James Clough as CFO, who served as the company's
interim chief financial officer since April 2000. PurchasePro had
previously announced Clemmer's appointment to its board of directors
on April 11, 2001.
Clemmer most recently served as executive vice president and chief
financial officer of Quantum Corp. (NYSE:DSS) (NYSE:HDD), the world's
largest supplier of DLTtape(TM) automation systems and a leader in
data protection, where he initiated and managed more than $2 billion
in mergers, acquisitions and joint ventures.
Prior to joining Quantum, Clemmer was senior vice president and
chief financial officer of Texas Instruments' $8 billion Semiconductor
Group. While at Texas Instruments, Clemmer spearheaded the company's
joint ventures with Hewlett-Packard, Hitachi, Canon, Acer Computer,
Kobe Steel and the Singapore government.
Charles E. Johnson Jr., chairman and chief executive officer,
said: "We are pleased and grateful that Rick Clemmer has joined
PurchasePro. When we initiated our search for a chief financial
officer, we knew it was crucial to hire a seasoned professional who is
highly recognized in the financial community and who has significant
mergers and acquisitions experience, as well as substantive roles in
scaling business. Rick Clemmer exceeded our expectations. His addition
to the PurchasePro team is a major step in establishing the premier
management team in the e-commerce space."
"I look forward to making a significant contribution to
PurchasePro," said Clemmer. "I believe PurchasePro is now the leading
business-to-business, e-commerce company in the industry. Its growth
over the past year has been remarkable in light of the challenges of
scaling a rapidly growing company in today's economic environment.
There is no question that my experience will provide a substantial
contribution to the company in achieving its dynamic objectives."
Clemmer holds a bachelor's degree in business administration from
Texas Tech University and a master's degree in business administration
from Southern Methodist University in Dallas.
Transitioning from his role as interim CFO, Clough will become
senior executive vice president of global corporate development. In
this position, he will head corporate development and focus on driving
growth in EMEA (Europe, Middle East and Africa), Asia and Latin
"Jim Clough has served well as the company's interim chief
financial officer," said Johnson. "We expect to significantly scale
our international efforts with him at the helm. The international
market is currently experiencing rapid e-commerce growth, and we
expect PurchasePro will position itself as the leading enabler
domestically and internationally," Johnson continued.
PurchasePro, a leader in business-to-business e-commerce, operates
the PurchasePro global marketplace, encompassing more than 140,000
businesses and powering hundreds of private-label marketplaces with
its highly scalable, browser-based e-commerce engine.
PurchasePro's solutions enable businesses of all sizes to easily
buy and sell products and services, and compete more effectively by
enhancing sales opportunities, reducing procurement costs and greatly
increasing employee productivity.
PurchasePro offers the following e-commerce solutions:
e-Procurement for corporate procurement, v-Distributor for online
distributors, and e-MarketMaker for Internet market makers.
The company provides extensive support and training programs. For
information, call toll free at 888/830-4600 or in Las Vegas at
702/316-7000 or visit www.purchasepro.com.
Note to Editors: PurchasePro is a servicemark of PurchasePro.com
Inc. All other trademarks or registered trademarks are the property of
their respective owners. This news release includes forward-looking
statements that are subject to the "Safe Harbor" created by Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements (which involve the company's plans, beliefs and goals,
refer to estimates or use similar terms) involve certain risks and
uncertainties, including the risks and uncertainties associated with
rapidly changing technologies such as the Internet; the risks of
technology development; and the risks of competition that can cause
actual results to differ materially from those in the forward-looking
statements. These forward-looking statements represent only the views
of certain members of management and do not necessarily represent a
consensus of all employees and managers within the company. Moreover,
those forward-looking statements are based on limited information
available to the company now, which is subject to change. It should be
clearly understood that the factors and perceptions on which these
forward-looking statements are based are highly likely to change over
time and that the company has no current plan to update these
statements. Actual results may differ substantially from what the
company says today and no one should assume at a later date that the
forward-looking statements provided herein are still valid. They speak
only as of today. For more information about these risks and
uncertainties, see the SEC filings of PurchasePro Inc., including the
section titled "Factors That May Affect Results" in its 10-K filing
for the period ended Dec. 31, 1999, and its 10-Q for the quarter ended
Sept. 30, 2000, which is available from the company on request and on
the Internet at the SEC's Web site, www.sec.gov.
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