In its second-largest acquisition, Amazon buys the company for $970 million.
After 10 years in the top job, Nordmark is stepping down, though he will remain on the board, advise the company for at least two years and help in the search for a new CEO. Nordmark plans to become involved in other online ventures, the e-retailer says.
Jon Nordmark, who helped found eBags.com, is giving up his CEO position after 10 years in the job.
Nordmark will remain on the company’s board, will serve as a consultant for at least two years and will help in the search for a new chief executive. He also plans to become involved in other web-related ventures, the online retailer says.
“EBags grew as a startup company within a startup industry, often keeping the work environment in experimental mode,” Nordmark says. He says eBags.com should focus now on improving execution, including in fulfillment, web site navigation and Web 2.0 features.
The company, which says it has not had to raise capital since 1999, increased its revenue by 22% year over year and by 28% in the second quarter. EBags.com is No. 90 in the Internet Retailer Top 500 Guide.