RedEnvelope looks for a new COO

The search will soon be on for a new chief operating officer at Red Envelope Inc.

RedEnvelope, No. 89 in the Internet Retailer Top 400 Guide to Retail Web Sites, announced that Ed Schmults, its current COO, is leaving to assume the position of Chief Executive Officer at toy retailer FAO Schwarz.

RedEnvelope says Schmults will remain in his position until late September.