Founder, CEO of PurchasePro Resigns
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PurchasePro.com Inc.’s founder, Charles Johnson, quit as chairman and chief executive of the operator of Internet commerce sites, the company said.
Johnson, 40, left less than a month after the firm said first-quarter profit missed forecasts because some sales hadn’t been recorded. Customers of PurchasePro, which helps businesses buy and sell products and services on the Web, include AOL Time Warner Inc., Gateway Inc. and Office Depot Inc.
Board member R. Todd Bradley was named chairman. PurchasePro spokesman Steven Stern wouldn’t divulge what Johnson’s plans were and said executives weren’t available for comment. The company said in March that it would beat first-quarter profit estimates. The stock rose 39 cents, or 15%, to $2.97 on Nasdaq. They have fallen 83% this year.
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