Moving on Up

Agribuys announces new CEO

Torrance, CA  April 17, 2002  Agribuys, a supply chain integrator for the global food industry, announced that Vijay Yajnik has been promoted to CEO and president. He has also been elected to the board of directors of the company. Yajnik joined Agribuys this January as president and chief operations officer.

This management change is a result of the company transitioning from its entrepreneurial phase to one that requires leadership with experience in large-scale implementations and operations. Agribuys has recently announced several new clients, and the organization said it is transforming itself to ensure that these clients receive world-class service.

While serving as chief operations officer, Yajnik hired personnel in implementation, integration and operating roles. He is also credited with implementing a restructuring that Agribuys said heightened the organization's focus on key strategic priorities.

Yajnik joined Agribuys from the WorldWide Retail Exchange (WWRE). Prior to the WWRE, he was Group chief information officer at the Dairy Farm Group, a major Asian retailer headquartered in Hong Kong. Yajnik has also held a variety of executive management positions at K-Mart, California Federal Bank, Crocker National Bank and other financial institutions.

"Vijay has demonstrated a commanding grasp of what it takes to service complex multinational clients," said Doug Alexander, Agribuys board member and managing director at Internet Capital Group. "Vijay's prior experience as both a CEO in the financial services industry and as a [chief information officer] in the grocery and CPG retail world, makes him an ideal choice to lead Agribuys forward."

In a statement released by Agribuys, Yajnik expressed his commitment to making Agribuys the recognized global leader for perishables procurement technology: "Agribuys is entering an exciting period of growth. We are committed to driving efficiencies within the perishable food supply chain. I am confident the Agribuys name will become recognized as an international symbol of value and quality in the world of collaborative technologies."

Yajnik holds a bachelor's degree in engineering from the Indian Institute of Technology (Kanpur), a master's degree in communications and information systems from the State University of New York, and an MBA in marketing and transportation from Michigan State University.

Agribuys' founding CEO, Marina Kotsianas will remain on the board as a director of the company. The company has no current plans to fill the chief operations officer position.