McGlashan Appointed CEO of Critical Path

Critical Path Inc. is expected to announce today that William McGlashan was made chief executive of the once-troubled provider of Internet messaging infrastructure after serving in that role on an interim basis since October.

McGlashan, 38, has been credited with helping turn the company around.

He most recently was a partner at venture capital firm Whitney & Co. and chief executive of Vectis Group, a Whitney-funded technology investment firm.

Before becoming Critical Path’s interim chief executive, McGlashan was part of the team charged early last year with turning around the San Francisco-based company.

Critical Path started 2001 by posting a surprisingly large loss and revealed that its 2000 revenue had been inflated.

McGlashan and other company executives have since restructured its burdensome debt, slashed expenses, shed assets, acquired new funding, settled shareholder lawsuits and refocused the business.

Critical Path’s shares--which tumbled from an all-time high of more than $150 to an all-time low of 24 cents--finished Friday’s regular trading session at $3.80 on Nasdaq.