IdeaForest, operator of Joann.com, gets a new CEO

IdeaForest, which operates Joann.com for fabric chain Jo-Ann Stores, has named Diana Schulz as CEO, replacing founder & CEO Rich Bergsund, who is leaving the company. IdeaForest was founded by Bergsund, COO Linsly Donnelly and Bain & Co. in late 1999.

IdeaForest has received funding from institutional investors Rustic Canyon Partners, Allegis Capital and North Castle Partners.

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"I am incredibly proud of what the IdeaForest team and our friends at Jo-Ann Stores have built," Bergsund said. "We`ve achieved scale and market leadership, strong profitability and cash flow, and our rate of growth remains high with revenues up over 50% in 2005. I`m extremely bullish about our company`s future, but after six years I am also ready for new business challenges, probably related to the Internet."

"Rich was instrumental in leading IdeaForest through the tough times experienced by so many Internet companies and bringing it to where it`s making money and has an incredibly promising future," said Alan Rosskamm, president & CEO of Jo-Ann Stores.

Schulz joins IdeaForest after seven years at Universal Studios, most recently as senior vice president of corporate development and strategic planning. While at Universal, she oversaw multiple Internet initiatives including the launch of Movielink and Spencergifts.com. Prior to Universal, she was a consultant at McKinsey and Co.

Joann.com is No. 162 in the Internet Retailer Top 400 Guide to Retail Web Sites.