Commerce One president heads to AOL
Published: 19 Jun 2001 10:55 BST
Commerce One president Robert Kimmitt is stepping down to take a position at AOL Time Warner, according to company officials.
Kimmitt will serve as executive vice president for global and strategic policy at AOL Time Warner, a position more closely aligned with his previous experience in government, according to the officials.
Dennis Jones, Commerce One's vice chairman and chief operating officer, has been promoted to president, effective on 1 July.
Kimmitt, who has been with Commerce One for nearly a year and a half, will remain a member of the e-marketplace company's board of directors.
Kimmitt came to Commerce One in February of 2000, and three months later was promoted to president.
Mark Hoffman, Commerce One's chairman and chief executive, said Kimmitt made many important contributions to the company, playing a vital role in strategic acquisitions and partnerships, as well as in expanding its worldwide business -- all key factors in the Commerce One's growth during the past year.
Jones, said Hoffman, is the right choice as architect for the next phase of Commerce One's growth. His track record will be key to the long-term success of Commerce One, he said.
Jones joined Commerce One as chief operating officer and vice chairman in April. Previously, he served as executive vice president for Federal Express.
That experience should come in handy. In April, Commerce One released first-quarter results highlighted by soaring revenues and a plunging operating loss.
The company reported revenues for the quarter of $170.3m (£121m), an increase of 386 percent over revenues of $35m (£25m) in the year-ago quarter. But the net loss for the quarter was $228.5m (£163m), or $1.02 per share. That compared to a net loss of $43.6m (£31m), or 29 cents per share, for the first quarter of 2000.
Commerce One is expected to release second-quarter earnings in mid-July.
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