THE WOODLANDS, Texas, Oct. 11, 2002 — Pantellos on Friday announced the resignation of its chief executive officer, Graham Collins, effective immediately. Collins also resigned from the company’s Board of Directors. The company will immediately begin a search for a new CEO.
Bob Murray, chairman of the Pantellos Board of Directors, will serve as interim CEO. Murray has more than 25 years of energy and utility industry experience — including more than 10 years as vice president and CFO of Public Service Enterprise Group, one of the nation’s leading energy and energy services companies. Murray also spent approximately 15 years covering the utility industry while at Morgan Stanley.
“I would like to thank Graham for his efforts during the start-up phase of Pantellos,” said Murray. “His vision and drive helped enable the company to move from a concept into a viable entity that delivers significant value for its customers.”
“Today, the business is in a position of considerable strength,” added Murray. “Company revenues continue to increase while expenses are coming down. As we continue to move into more of a mature phase of our business, we will focus on operational excellence, refining various pieces of our business and service offerings and on leveraging our strengths and successes to date.”
Pantellos achieved record revenues in the month of September. The record revenues were fueled by an increase in marketplace transactions, overall spend volumes, auctions activity, business process services, other marketplace services and a gas turbine transaction.
The company reports more than 200,000 transactions through its electronic marketplace and overall deal flow of over $780 million. The company has also enabled customer reported savings of more than $100 million in the procurement of goods and services since January of 2001.
“I am extremely optimistic about the outlook for Pantellos and have every confidence in the company’s senior management team and associates,” said Bob Murray. “The company’s success is confirmation that the Pantellos business model of providing a diversified portfolio of supply chain and business improvement services is valid and valued by our customers. Our people, strong service offerings and current momentum will help fuel our growth and solidify our position as a leader in the electronic marketplace and supply chain services markets.”
Pantellos is a supply chain services company for the utility and energy industries. Built by the industry, for the industry, Pantellos offers access to deep supply chain expertise, a broad suite of supply chain services, an active trading community and leading-edge technologies. Pantellos is based near Houston, Texas, USA. For more information visit http://www.pantellos.com.