Executive Change 1

Online retailer Value America Inc., based in Charlottesville, said last week that Tom Morgan, its chairman and CEO, was resigning for personal reasons.

Glenda Dorchak, a former IBM executive who joined the company in October, will be CEO. Wolf Schmitt, the retired chairman of Rubbermaid Inc., will become chairman.

The company would say only that Morgan would be returning to Northern Virginia to be with his family. He had been chief executive since March. Before that, he spent two years as CEO of U.S. Office Products Inc. in Washington.

Executive Change 2

ITC Learning Corp., which develops interactive training software and Web-based training and education programs, said chief executive Carl D. Stevens resigned. ITC declined to say why.

Christopher E. Mack, current chief financial officer, will become interim president.

Publicly traded ITC, which has 45 employees, has seen a steady decline in revenue in the past 18 months. It lost $2.3 million on $3.1 million in revenue in the third quarter.

Stevens was a 26-year veteran when he took the CEO job last December.

PSINet Completes Deal

Reston-based Internet service provider PSINet Inc. completed its previously announced acquisition of Transaction Network Services Inc. this week. PSINet had agreed to purchase Reston-based Transaction Network for $351.2 million in cash and up to 7.8 million shares. Transaction Network's business is handling point-of-sale transactions at retailers. The company handles 70 percent of all such transactions in the United States.

Separately, PSINet on Wednesday sold $750 million in debt in the U.S. and European market. The company plans to use the money primarily to finance capital expenditures, including building data centers, buying more bandwidth and making more corporate acquisitions.


Reston-based recruiting company CareerBuilder Inc.'s www.careerbuilder.com was named the best jobs-related World Wide Web site by U.S. News & World Report. . . .

Dulles-based America Online Inc. had more than 53.4 million "unique visitors" (i.e. those who arrived direct rather than through a link) in October, more than any other Web company, according to Media Metrix Inc. The company also had the third most-viewed Web site, after Yahoo and Microsoft's MSN.com. Overall, Media Metrix reported that 32.2 billion Web pages were viewed during October, a 49 percent increase from October 1998.