Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Current CMO David Zucker will leave his post effective Oct. 11.
Online vitamin and health products retailer Vitacost.com Inc. is looking for a new chief marketing officer.
Effective Oct. 11, David Zucker, who was appointed in 2011 as the chief marketing officer of Vitacost.com, No. 87 in the 2013 Internet Retailer Top 500, will leave to pursue other interests.
Vitacost.com, which made the announcement in a recent regulatory filing, has yet to reveal specifics on whether it will hire internally or externally to fill Zucker’s job. In the interim CEO Jeffrey Horowitz will oversee marketing activities, the company says. “David has built a strong marketing organization during his tenure at Vitacost.com and his team will report directly to me while we conduct our search,” Horowitz says.
Vitacost.com hired Zucker as chief marketing officer in August 2011. Prior to joining Vitacost.com, Zucker held the same position at Gilt Groupe Inc. (No. 54) and also previously worked as global director of customer relationship management and implementation at Dell Inc. (No. 8) from 2006 to 2009. He also held executive positions at TV and web retailer HSN Inc. (No. 24).
As chief marketing officer Zucker had a base compensation package that included an annual salary of $300,000 and an annual performance bonus of up to one-half of his salary. In addition to certain stock options, Zucker also received $5,000 monthly for living and travel expenses, Vitacost.com says in its annual proxy statement filed with the U.S. Securities and Exchange Commission.
For the first two quarters ended June 30, Vitacost.com reported:
- Sales increased 19.3% to about $195 million from $163.5 million.
- Net loss was $8.7 million in the first six months of the year compared with a net loss of $10.5 million for the first two quarters of 2012.
- Spending on marketing was about $17 million in the first two quarters compared with $17.1 million in the prior year.