Blue Nile Inc. has named Scott Devitt as its next chief financial officer. He will take over the role of CFO from Blue Nile president Diane Irvine on July 23. Irvine was named president of Blue Nile in February and has been handling both jobs since then.
Devitt most recently was a managing director and senior analyst with Stifel Nicolaus & Co., a St. Louis brokerage and investment banking company. Prior to working with Stifel Nicolaus, Devitt served as vice president of operations and portfolio management of Sleiman Enterprises, a private shopping center developer, and as an associate equity analyst at Legg Mason Inc. He also previously worked as a finance consultant at Dell Inc. and holds a master’s in business administration from the University of Georgia.
Blue Nile, No. 49 in the Internet Retailer Top 500 Guide, will pay Devitt an annual base salary of $200,000 and made him eligible to receive a pro-rated annual incentive bonus of $100,000 for fiscal year 2007. Devitt will also receive a signing bonus of $200,000, with 50% paid at the start of his employment and the remaining 50% earned on his one-year anniversary, the company says in a new filing. Blue Nile also gave Devitt the option to purchase 45,000 shares of Blue Nile’s common stock.