Retiring CEO, Mike Cornell, to remain in advisory role during transition period
PITTSBURGH, Dec. 07, 2020 (GLOBE NEWSWIRE) -- TrueCommerce, a global provider of trading partner connectivity, integration and unified commerce solutions, has announced today that John Fay has been named Chief Executive Officer and will join the Board of Directors. Mike Cornell, who has served as CEO and a member of the Board of Directors of TrueCommerce since 2014, will remain an advisor to the company.
“It has been my honor and privilege to serve this great company. I’m proud of the people on the TrueCommerce team and the business we’ve built,” said Cornell. “I believe that John’s impressive track record in growing technology companies will bring significant value to customers, partners, and stakeholders.”
Fay brings more than 30 years of expertise, with a strong track record for transforming and growing global technology and information services companies. From 2014 until its successful sale to E2Open in 2018, Fay was the CEO of INTTRA, the world’s largest neutral transaction network and SaaS provider in the Ocean Industry. Prior to INTTRA, he worked at Newedge Group, a world leader in multi-asset brokerage and clearing services, as Senior Managing Director as well as in roles including Global Head of Commodities, Currencies and Fixed Income, and CEO, Americas. He also served as Co-CEO and Co-President of Instinet LLC from 2001-2007. Fay’s top priorities as CEO of TrueCommerce will be advancing the company’s market leadership through organic growth in existing segments, expanded product innovation, and a focused acquisition strategy.
“We are delighted to welcome John as the new CEO of TrueCommerce to lead the company during its next phase of growth,” says Ryan Harper, General Partner, Welsh Carson, Anderson and Stowe (“WCAS”). “The board is confident that John’s extensive experience in supply chain and logistics technology as well as his passion for leading high-performing teams will propel TrueCommerce forward.”
“We are very pleased to invest in TrueCommerce’s leading global supply chain platform,” says Kevin Gordon, Vice President, WCAS. “We believe TrueCommerce is well positioned to drive value for its customers through its global value-added network and leading suite of supply chain applications and services.”
Fay commented, “I am honored for the opportunity to lead TrueCommerce, and I am especially thankful for the foundational strength that Mike and the executive team have built over the last decade at TrueCommerce. Mike leaves an impressive legacy and an expectation for continued high performance. I am committed to empowering this talented team to realize its full potential, lead TrueCommerce’s next phase of growth, and strengthen our customers’ love for our products and services.”
The appointment comes after the close of the WCAS acquisition of TrueCommerce from Accel-KKR (“AKKR”). AKKR will remain an investor and retain a seat on the TrueCommerce Board of Directors.
About Welsh, Carson, Anderson & Stowe
WCAS is a leading U.S. private equity firm focused on two target industries: healthcare and technology. Since its founding in 1979, the firm's strategy has been to partner with outstanding management teams and build value for its investors through a combination of operational improvements, growth initiatives and strategic acquisitions. The firm has raised and managed funds totaling over $27 billion of committed capital. For more information, please visit www.wcas.com.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. To learn more, visit www.accel-kkr.com.
TrueCommerce is the most complete way to connect your business across the supply chain, integrating everything from EDI, to inventory management, to fulfillment, to digital storefronts and marketplaces, to your business system, and to whatever comes next. To stay ahead in today’s dynamic global market, companies need to be able to do business in a lot of different directions at once. But too often, doing so means too many solutions and too much assembly required. For decades TrueCommerce has helped businesses be more connected, more supported, and more prepared for what’s next. That’s why thousands of companies – ranging from startups to the global Fortune 100, across various industries – rely on us.
TrueCommerce: Do business in every direction
For more information, visit https://www.truecommerce.com
Director, Marketing Communications