E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
Scott Neamand, the former chief operating officer, takes over for Fred Lerner.
Ritz Interactive Inc. has promoted Scott Neamand to president and CEO. Neamand, the former chief operating officer, takes over for Fred H. Lerner, whose resignation took effect Friday.
Ritz, No. 171 in the Internet Retailer Top 500 Guide, filed for bankruptcy in August. Lerner, who gave no reason for his departure, founded the company in 1999. It operates RitzCamera.com. Ritz took in $91 million in annual sales in 2010, down from a peak of $111 million in 2007.
The company is not connected to camera store retail chain Ritz Camera Centers Inc., which also went bankrupt.
“Scott is uniquely positioned to lead Ritz Interactive at this important time for the company,” Lerner says. “The Ritz Interactive board and myself have complete confidence in his ability to guide this great company as we move forward into what we expect will be a fantastic year for Ritz Interactive and its brands.”
Ritz hired Neamand in 2004 as chief financial officer. He also worked as executive vice president, reporting to Lerner. Prior to Ritz, Neamand worked as chief financial officer for TokyoPop Inc., an entertainment publishing company.