Bluefly replaces Melissa Payner as CEO
February 6, 2012 10:45 AM
There’s a new top executive running online apparel retailer Bluefly Inc.
Bluefly, No. 173 in the Internet Retailer Top 500 Guide, has replaced long-time CEO Melissa Payner in the top job with chief operating officer Joseph Park, the e-retailer reported Friday In a regulatory filing posted with the U.S. Securities & Exchange Commission.
Bluefly didn’t immediately say why Payner, who was appointed CEO in August 2004, was stepping down, but the change in top management was immediate. As the new CEO, Park will receive an annual salary of $375,000, be eligible for a performance bonus of up to 50% of his base pay, have the option to purchase up to 450,000 shares of common stock and to receive other benefits. Park also will serve on Bluefly’s board of directors.
Park joined Bluefly in June as chief operating officer. Prior to Bluefly, Park worked at book publisher HarperCollins, where he was senior vice president of consumer digital products. There, Park co-founded Bookperk.com, which sells DVDs, signed copies of books and other merchandise, Bluefly says.
Park also previously worked at Amazon.com Inc., starting in 2005, and was the online retailer’s head of new product development.
As Payner leaves Bluefly, she will receive her annual base salary of $523,240 for the next 12 months and related benefits, Bluefly says in the regulatory filing. Payner leaves Bluefly at a time when the company is struggling to post profits.
Bluefly won’t release its year-end numbers for another few weeks. But for third quarter ended Sept. 30, the retailer reported:
- Sales increased 10.4% to $21.2 million from $19.2 million in the third quarter of 2010.
- Average order size of $312.49, down by 2.8% from $321.33
- The number of new customers increased 19.0% to 41,170 from 34,601.
- Net loss of $2.5 million, compared with a net loss of $2.1 million in the third quarter of 2010, an increase of 19.0%.
Bluefly didn’t release year-to-date numbers in its latest earnings release.