Buy.com appoints a new CEO
Buy.com has named Neel Grover as its CEO. Grover, a member of the board of directors since 2001, has served as president of Buy.com since September 2003 and as chief operating officer since October 2004.
Buy.com founder Scott Blum, who has been CEO since he took the company private in 2001, will remain as chairman and continue to be closely involved with the company`s strategic initiatives.
"The official transition of this position is consistent with the primary roles between me and Neel. I have focused my time on identifying strategic opportunities in the convergence of Internet retail, media and advertising (including our recent launch of BuyTV), while Neel has led our business and corporate strategy and has been running the day-to-day operations of the company," Blum said.
Sales in 2005 for Buy.com, No. 36 in the Internet Retailer Top 500 Guide to Retail Web Sites, reached $345.6 million compared with $290.8 million in 2004. Buy.com’s net loss for 2005 was $800,000, down from a net loss of $15.4 million the previous year.
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