GlobalNetXchange (GNX), the retail industry's first worldwide online supply marketplace, has named Joseph E. Laughlin as chief executive officer, effective immediately. Laughlin has been serving as acting CEO of GNX, as well as senior vice president of corporate finance and business development of Sears, Roebuck and Co (NYSE: S).

GlobalNetXchange a business-to-business retail online marketplace, and is open to all retailers, wholesalers, and suppliers worldwide. Since its founding in February 2000, GNX has completed more than 70 transactions totaling $150m in purchase volume for its partners Sears, Pinault-Printemps-Redoute, SA Carrefour SA, J Sainsbury Plc, Kroger Company, Metro AG, and Coles Myer.

The open exchange, based on Oracle's e-business marketplace platform was named by Forbes magazine as one of the most promising retail B2B companies in their July 6, 2000 "Best of Web" issue.

"Joe has done an incredible job in orchestrating a successful start for GlobalNetXchange," said Bruce Johnson, organization and systems director at Carrefour SA and a member of the GlobalNetXchange board of directors. "He has demonstrated the key management skills necessary to lead GNX to become the premier worldwide retail electronic marketplace."

Laughlin's experience in the area of strategy, partnering and deal making is viewed as a strong asset. In his recent position at Sears, he was responsible for business development, mergers, and acquisitions, corporate finance and treasury functions. Laughlin has also concentrated on the application of technology to solve business problems and capitalise on opportunities.

"Joe has already achieved outstanding success as acting CEO of GNX," said Jon Wood, MD at e.colesmyer and a GNX board member. "His execution-focused approach will continue to prove invaluable as GNX reshapes the way manufacturers and retailers communicate and collaborate to drive out inefficiencies in the retail supply chain."

Regarding his decision to accept the CEO position, Laughlin said: "I am thrilled to be working with some of the world's best known and respected retail companies as they leverage the power of the Internet. GNX has the ability to drive out costs, improve efficiencies and, in the process, revolutionise the retail industry. This is a once-in-a-lifetime opportunity."

Prior to joining Sears, Roebuck and Co in July 1999, Laughlin was senior vice president and manager of distribution strategy and retail partner management at Wells Fargo Bank, in San Francisco. Before that assignment, he was senior vice president of strategic planning at Wells Fargo. He also held positions at the Treasury Department (Office of Thrift Supervision) and at Booz, Allen & Hamilton, Inc.

About GlobalNetXchange
GlobalNetXchange is a business-to-business retail online marketplace, open to all retailers and suppliers. Powered by Oracle Exchange, Oracle's online e-business marketplace, GNX's participating retailers include: Carrefour SA, the largest retailer in Europe and Latin America and first international retailer in Asia; Kroger Co, the United States' largest retail grocery chain; Metro AG, based in Germany and one of the world's largest retailers; J Sainsbury Plc, one of the world's leading retailers and the United Kingdom's second-largest food retailers; Coles Myer, the leading retailer in Australia; Pinault-Printemps-Redoute SA, the number one non-food retailer in Europe, and Sears, Roebuck and Co., the second-largest US retailer.

For more information, visit the company's website at www.gnx.com .