4/09/07

RedEnvelope shuffles top management as CEO resigns

Ken Constable, president and CEO of RedEnvelope, has resigned, the retailer has announced. John Pound, previously chairman, has been named executive chairman and will assume day-to-day leadership responsibilities.

Paul Demery , Managing Editor, B2B E-commerce

Ken Constable, president and CEO of RedEnvelope, has resigned to pursue other business opportunities, the retailer has announced. John Pound, previously chairman, has been named executive chairman and will assume day-to-day leadership responsibilities.

In addition, Frank Buettner, previously chief operating officer, was named president and chief operating officer; and Chris Nordquist, previously general counsel, was appointed chief administrative officer and general counsel. Nordquist will be responsible for business development and special projects.

“These changes reflect the evolution of our business and priorities,” Pound says. “We extend to Ken our thanks for his leadership in a critical transitional year in which we achieved operational stability.” RedEnvelope is No. 109 in the Internet Retailer Top 500 Guide.

For its fiscal third quarter ended Dec. 31, RedEnvelope had net revenue of $57 million, up 7.5% from $53 million in the year-earlier period. Net income for the quarter was $5.3 million, up 29% from $4.1 million.

Gross profit margin for the quarter was 54.1% of net revenue, compared to 52.3% in the year-ago quarter. Marketing expenses were 22.1% of net revenue, compared to 22.8% a year earlier.

 

 

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