Las Vegas, NV June 6, 2001 Two weeks ago, PurchasePro announced that its infamous leader, Charles Junior Johnson, had resigned as CEO, but a successor had not yet been named. After a little investigation, I made the prediction that the company's chief financial officer (CFO), Richard Clemmer, would soon take power. (See http://www.isourceonline.com/article.asp?article_id=1182). And, not to brag or anything, but & I was right.
It's official. The board of directors of PurchasePro yesterday appointed Richard Clemmer as the company's new CEO. Mr. Clemmer, 49, joined PurchasePro in May as chief financial officer.
But, here's the catch: Clemmer will continue on as CFO of PurchasePro. CEO and CFO?? Isn't that like having George W. Bush do his own books? Does that sound like a bad idea to anyone but me?
Actually, Clemmer's double duty isn't supposed to last very long. According to the man himself, &a search for a new CFO will be instituted shortly and we intend to fill that position as soon as the right person is found.
One thing is for sure, Clemmer has his work cut out for him, and he knows it. It is eminently true that PurchasePro suffers from a credibility gap, Clemmer said. We now have a communications program in place to close that gap. This is the dawning of a new era at PurchasePro; a new watch, and these challenges will be overcome and resolved with due, but deliberate dispatch. We have a strong and experienced management team in place to move the company forward; and a dedicated employee base to support our growing momentum.
Things might look rough for PurchasePro now, but as anyone who follows the company will tell you, they are full of surprises. Don't count them out just yet.
