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Struggling Online Food/Flower Networks Developer Realigns Top Posts

ORLANDO-With a nine-month loss of $27.2 million, locally-based World Commerce Online Inc. is bringing in former Oracle Corp. executive Joe Dugan and Federal Reserve Bank of Atlanta director Michael Poole to help company chairman Robert Shaw turn the company around.

By Alex Finkelstein | Updated on November 21, 2000

ORLANDO-Still struggling for a turnaround, locally-based World Commerce Online Inc. is reshuffling its top command to staunch the bleeding of the two-year-old online trades network developer for perishable food and commercial cut flowers. Although it has received $60 million in venture capital, the publicly-traded firm posted a nine-month loss of $27.2 million and a third-quarter loss of $10.4 million.

The 200-employee company, with offices in eight countries, is bringing in Joe Dugan, formerly of Oracle Corp., as president; and Michael Poole, a member of the Federal Reserve Bank of Atlanta’s Jackonsville, FL branch, as CEO. Robert Shaw remains as the company chairman. He previously held all three positions.

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