Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
In a regulatory filing, PC Connection disclosed that David Beffa-Negrini, the company’s senior vice president, corporate marketing and creative services, will retire on Dec. 31. He will receive his current base salary of $217,692 for two years.
PC Connection Inc., a direct marketer of computer gear, soon will replace its top e-commerce and marketing executive.
In a recent regulatory filing PC Connection, No. 34 in the Internet Retailer Top 500 Guide, disclosed that David Beffa-Negrini, the company’s senior vice president, corporate marketing and creative services, will retire on Dec. 31.
Beffa-Negrini, who joined PC Connection in 1983 and headed up e-commerce as part of his management responsibilities, will remain on the company’s board of directors. PC Connection, which generated web sales of $528.4 million in 2007, didn’t immediately name Beffa-Negrini’s replacement.
As part of its retirement package, PC Connection will pay Beffa-Negrini his current base salary for two years, 18 months of health care benefits and accelerated vesting on 20,000 shares of restricted stock, according to the regulatory filing. In 2007, Beffa-Negrini received total compensation of about $352,000, including a base salary of $217,692. After retirement, Beffa-Negrini also is eligible to provide certain approved consulting services at a rate of $130 per hour, the filing says.
In a tough economic environment, PC Connection is maintaining the status quo. PC Connection doesn’t break out quarterly web sales, but for the second quarter ended June 30, the company posted net income of $5.1 million on revenue of $449.4 million vs. net income of $5.8 million on revenue of $441.1 million in the prior year. For the first two quarters, PC Connection recorded net income of $9.9 million on sales of $873.1 million, compared with net income of $9.1 million on sales of $839.3 million for the first two quarters in 2007. "We are continuing to move our business forward and are taking a number of actions to bring costs in line with expected sales levels," says PC Connection CEO Patricia Gallup.