Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
Michael Conn’s appointment marks a reunion his with business partner Michael Rubin, founder and CEO of Kynetic. Conn was Rubin’s first hire at GSI Commerce in 1999.
King of Prussia, Pa., September 27, 2011 – Kynetic (http://www.kynetic.com), a company singularly-focused on building consumer Internet businesses that capitalize on the digital transformation of commerce, today announced that Michael R. Conn has joined the company as its Chief Financial Officer (CFO). Conn’s appointment as CFO marks a reunion his with business partner Michael G. Rubin, founder and CEO of Kynetic. Conn was Rubin’s first hire at GSI Commerce in 1999.
“I am ecstatic to once again be working with Michael Conn, a trusted colleague and friend,” said Rubin. “Together we built GSI Commerce into a billion dollar business and I am excited about reuniting with him to help Kynetic and its industry-leading brands grow.”
A seasoned public company CFO, Conn leads Kynetic’s administrative functions and manages its investments in Fanatics (http://www.fanatics.com), Rue La La (http://www.ruelala.com) and ShopRunner (http://www.shoprunner.com). He also serves as a director on the board of all three companies.
“As we move forward into 2012, our first full year of operations, we are positioned for significant growth at all three of Kynetic’s companies,” said Conn. “As CFO, I plan to leverage their individual successes to increase the trajectory of Kynetic’s financial performance.”
Prior to Kynetic, Conn served as CFO for GSI Commerce since January 2006. He held various other positions at GSI Commerce, including strategic planning, sales and corporate development from 1999 to 2006. Before GSI Commerce, Conn was a research analyst on Wall Street, where he was recognized as an all-star stock picker by The Wall Street Journal.
Kynetic is a company focused on building consumer Internet businesses that capitalize on the digital transformation of commerce. The companies of Kynetic include Fanatics, the world’s leading online retailer of licensed sports merchandise, Rue La La, a leading online private sale destination in U.S., and ShopRunner, an innovative members-only service which aggregates shopping benefits from the top retailers and brands. Founded in 2011 by respected Internet entrepreneur and visionary Michael G. Rubin, Kynetic is based in the Greater Philadelphia area. For more information about Kynetic, please visit www.kynetic.com.