Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Fred E. Durham III is now CEO. Bob Marino, CEO since 2011, is retiring, the specialty e-retailer says. Co-founder Maheesh Jain is returning as chief marketing officer.
CaféPress Inc.’s CEO since 2011, Bob Marino, has retired, the company announced today. The new CEO is an executive familiar to the personalized products web merchant: CaféPress co-founder Fred E. Durham III. Durham was the company’s CEO before Marino and has had a seat on its board since 1999, when the company launched.
Also rejoining the e-retailer as chief marketing officer is co-founder Maheesh Jain. Both Durham and Jain left day-to-day management of CaféPress in 2011. Jain previously was the merchant’s vice president of marketing and vice president of business development.
“Maheesh and I are eager to return to operating roles,” Durham says. “As two of CaféPress’ largest shareholders, we are committed to implementing strategies that will enhance shareholder value.”
While sales have increased under Marino’s leadership, the e-retailer’s net loss has widened. In 2013 the e-retailer, No. 117 in Internet Retailer’s Top 500 Guide, generated $245.86 million in web sales, up 12.9% from $217.79 million in 2012. But the sales increase came at an expense. The company’s net loss widened from $82,000 in 2012 to $13.5 million in 2013.
Further, sales and profits dropped year over year in the first quarter of 2014. For the quarter ended March 31, CaféPress reported that web sales declined 8.2% to $48.2 million from $52.5 million. The net loss was $5.21 million compared with a net loss of $3.98 million in the first quarter of 2013. Total orders also declined 19.0% in the quarter. CaféPress will report its Q2 numbers next week.
Marino worked for CaféPress since 2005, first as chief operating officer, then president, then CEO. He says he is retiring to start his own business and will spend more time doing community service work.
CaféPress also announced today that Garett Jackson, who joined the e-retailer in June 2013 as chief information officer and has served as its interim chief financial officer since April, is now officially the chief financial officer.