Mercator gains share value in losing CEO

NEWS President, chief executive and co-founder Constance Galley resigned after 15 years at the helm. Mercator shares rose four per cent on the news to $4.31 - but still well down on its March high of $150. Former chairman James Schadt has been appointed as temporary interim chief executive. Richard M Applegate has been appointed vice president, chief financial officer and treasurer. Mercator will now be organised around three geographic business units, the Americas, Asia-Pacific, and Europe-Middle East-Africa. The company simultaneously announced it is to build a tool-set for Commerce One. Mercator, who specialise in providing B2B integration, is to work with the software vendor to develop a number of management instruments for e-procurement solutions.