Former RedEnvelope COO takes over as CEO of FAO Schwarz
Edward M. Schmults, former chief operating officer of online gifts retailer RedEnvelope Inc., has taken over as CEO of multi-channel toy retailer FAO Schwarz.
Schmults left RedEnvelope late last month to head FAO Schwarz, which is a unit of investment firm D.E. Shaw Group. "Ed`s unique abilities and formidable track record, along with his deep understanding of and appreciation for the things that make FAO Schwarz so different and so wonderful, make him an unusually good fit for this role," said David Shaw, chairman of the D. E. Shaw Group.
FAO Schwarz, which operates online at FAO.com, also publishes a catalog and operates stores in New York and Las Vegas.
Prior to RedEnvelope, Schmults held senior management positions at retailers Patagonia and Moonstone. He also worked at investment firm Goldman, Sachs & Co.
RedEnvelope has not said whether it plans to replace Schmults in the COO position.
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