Aliso Viejo, CA-based buy.com, a discount retailer of electronics and other goods, has made several changes to its management, as the company enters into a merger with SB Acquisition Inc., a company owned by buy.com’s founder Scott A. Blum.
The company today announced that Robert G. Price, CFO, has also been appointed president. The board of directors also has created an Office of the President, both members of which will report directly to the board, to oversee the day-to-day affairs of the company. The board also named Keven Baxter as senior vice president of corporate development to serve in the Office of the President. In addition, James B. Rosnak will end his role as interim CEO and resume his position as a member of the board of directors and a member of the audit committee. Rosnak held the position of CEO for six months.
Buy.com last week laid off 40% of its staff-50 employees-in an effort to find profitability and save about $4.3 million a year.
Buy.com announced its merger plans earlier this month. That sale is expected to be completed by December. As part of the merger agreement, SB Acquisition immediately provided buy.com with interim financing of up to $9 million, subject to certain conditions.
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