In its second-largest acquisition, Amazon buys the company for $970 million.
Howard Tong has vacated his position as chief operating officer of U.S. Auto Parts Network. He joined the company in November 2006.
Howard Tong has vacated his position as chief operating officer of U.S. Auto Parts Network.
U.S. Auto Parts, No. 81 in the Internet Retailer Top 500 Guide, isn’t saying why Tong left the company or who is currently filling the position.
In a recent regulatory filing, the company says Tong left U.S. Auto Parts in December and is eligible for certain compensation outlined in his November 2006 letter of employment.
As chief operating officer, Tong, who joined U.S. Auto Parts after working as vice president of marketing for Newegg.com, was paid an annual salary of $220,000, and was also eligible to receive a discretionary bonus of up to $100,000 per year. If Tong left the company for any reason other than for cause, U.S. Auto Parts would be required to pay six months of severance if a termination occurred within the first two years of his employment and 12 months of severance if the termination occurred after the first two years, the company says in a January regulatory filing.