In its second-largest acquisition, Amazon buys the company for $970 million.
Timothy Barefield will step down Sept. 15 as CEO; beginning August 1, CFO Jeff Byal will assume the role of acting president and CEO.
Timothy Barefield will step down Sept. 15 as GiftCertificates.com CEO due to what the company describes as a family health issue. Beginning Aug. 1, CFO Jeff Byal will assume the role of acting president and CEO through Sept. 15. Barefield will remain as a strategic advisor to the company for an additional year.
“Tim’s legacy will continue as we implement the strategic plan that he and the rest of our management team have laid out,” Byal says. Byal joined the company in November as CFO. He has 18 years of senior financial, strategic and general leadership experience in the retail, technology, and advertising and marketing communications industries.
GiftCertificates.com currently is mulling leadership plans for after Sept. 15. The company sells gift certificates and cards from myriad retailers to consumers and incentive programs to a wide range of corporate customers. The pure-play launched in 1997.