Flash-sale e-retailer Rue La La promotes a co-founder to CEO
May 18, 2016 03:17 PM
After holding a number of executive positions within the company he co-founded, including chief financial officer and chief marketing officer, Rue La La co-founder Mark McWeeny is taking on a new role: CEO.
Rue La La, No. 80 in the Internet Retailer 2016 Top 500 Guide, said McWeeny will succeed Steve Davis at the helm of the flash sale retailer, effective Wednesday. Davis, who joined Rue La La in October 2010, was promoted to CEO in April 2013, taking over from co-founder Ben Fischman.
“After a profitable 2015, we will focus on driving innovation, capitalizing on our mobile leadership, cultivating additional strong brand relationships and creating deeper consumer engagement into the future," McWeeny said.
“I've been working alongside Mark for the last five years building the most engaging online retail experience,” Davis said. “I'm excited to leave the company in the hands of someone who has been here from the beginning and knows the vision and the tremendous opportunity we have."
The company didn’t report on Davis’s future plans. Since 2011, Davis’s first full year with the company, Rue La La has grown sales by a compound annual rate of 13.19% to an Internet Retailer-estimated $504 million, up from $307 million in 2011.