May 26, 2006, 12:00 AM

Buy.com appoints a new CEO

Buy.com has named Neel Grover as its next CEO. He replaces founder Scott Blum, who will continue to serve as chairman.

 

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.

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From The IR Blog

FPO

Sven Hammar / E-Commerce

4 ways to keep customers from abandoning your shopping cart

Think of the 69% industry average cart abandonment rate as an opportunity to win incremental ...

FPO

Ralph Tkatchuk / E-Commerce

5 ways retailers can reduce shopping cart abandonment

There are steps web merchants can take all along the path to purchase that can ...

Advertisement