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Welcome to On the Move. In this hiring-focused weekly feature, The Current is rounding up recent arrivals and departures at brands and retailers across the ecommerce landscape.
This week brings CEO transitions at Pinterest, Bed Bath & Beyond and The Very Group. Plus, Madison Reed and Rosie made key executive additions.
Check out the latest moves:
Pinterest has a new CEO
Pinterest CEO Bill Ready. (Photo via LinkedIn)
There’s a change at the top of Pinterest at a time when the social media platform is making a push in ecommerce.
Cofounder Ben Silbermann is stepping out of the CEO role, and moving into the newly-created position of executive chairman.
The CEO of the company is now Bill Ready, who previously led commerce and payments at Google and held senior leadership roles at PayPal and served as CEO of Venmo.
After building in advertising in a similar vein to many social media companies, Pinterest recently put a bigger focus on ecommerce. The company is seeking to tap its focus on discovery to inspire users to make purchases. It is making moves to add in-app shopping features, and recently acquired AI-powered fashion shopping platform The Yes, whose CEO Julie Bornstein is now leading shopping strategy at Pinterest.
“In our next chapter, we are focused on helping Pinners buy, try and act on all the great ideas they seem,” Silbermann said in a statement. “Bill is a great leader for this transition. He is a builder who deeply understands commerce and payments. And he shares our passion for creating a positive corner of the Internet.”
Bed Bath & Beyond is replacing its CEO
Bed Bath & Beyond determined it was “time for a change” in leadership after disappointing quarterly results at the home retailer.
As a result, Mark Tritton is exiting as CEO after three years, and board member Sue Gove is taking the role of interim CEO. The company retained a search firm as it seeks to hire a permanent CEO.
Bed Bath & Beyond also promoted Mara Sirhal to the role EVP and chief merchandising officer, replacing Joe Hartsig. Sirhal previously served as GM of the Harmon brand, a title which she will retain.
The moves came as the company released first quarter results showing that sales fell by 25%.
“Today's actions address company performance, the macroeconomic conditions under which we are operating, and the expectations of the Board on behalf of shareholders,” Harriet Edelman, the chair of the board, said in a statement. “We are committed to addressing the urgent issues that have been impacting sales, profitability, and cash flow generation.”
Earlier this year, Chewy founder Ryan Cohen revealed that he had a stake of nearly 10% in Bed Bath and Beyond. Putting pressure on the company to improve performance, he struck a deal with the company in March that required his firm to appoint three people to the board of directors. Gove was not among those appointed at the time.
Former Walmart Japan CEO to lead The Very Group
Lionel Desclée. (Courtesy photo)
The Very Group will be transitioning CEOs this September.
Lionel Desclée, the former CEO of Walmart Japan, will take the helm at the UK and Ireland-based digital retailer, which operates Very and Littlewoods. Desclée is currently a senior advisor at McKinsey, and previously served in top roles at pet retailer Tom & Co, as well as Delhaize Group.
He will succeed current CEO Henry Birch, who has held the role for 4.5 years. Birch led the company through the pandemic, oversaw the opening of an automated fulfillment center in East Midlands, and grew Very's AI-powered chatbot for customer service.
Boosted Commerce hires former TOMS CFO
Martin Dunstheimer. (Courtesy photo)
Boosted Commerce, an ecommerce platform that acquires third-party brands selling on Amazon and Shopify, said Martin Dunstheimer is joining the company as chief financial officer.
Having most recently served as CFO of shoe brand TOMS, Dunstheimer also brings experience from GE, NBC, Lucky Brand Jeans, 7 For All Mankind and BCBG.
“Martin’s significant financial leadership experience, particularly related to at-scale retail businesses, is just what Boosted needs as we focus on creating structure and strategy to overcome macro-economic pulls, challenges in supply chain, and cultivate exceptional data hygiene,” said Keith Richman, CEO of Boosted, in a statement. “His expertise will strengthen our executive team with the necessary competencies to continue thoughtfully deploying capital to scale our portfolio of leading consumer brands.”
Boosted has a portfolio of more than 40 brands, including FoxyBae, Luna and Asterwood Naturals.
Madison Reed appoints C-level leaders, board members
Hair color brand Madison Reed made a series of leadership-level appointments.
The company named Brad Lande-Shannon as chief marketing officer. He brings more than two decades building brands at companies including Culture Amp, Birchbox and Accenture.
Tyler Wozny was promoted to chief digital officer. A former mobile product lead at Sephora, Wozny joined Madison Reed in 2018 and has worked on experiences ranging from a consumer mobile app to SaaS software that powers the brand’s hair color bars.
Additionally, Madison Reed appointed two new board members: Dollar Shave Club Founder Michael Dubin and Benefit Cosmetics Global Chief Marketing Officer Stephanie Davis Michelman.
Madison Reed raised $33 million earlier this year from investors including Marcy Venture Partners, which is the venture firm of hip-hop mogul Jay-Z. In March, CFO Jose Zuniga joined the brand to spearhead an omnichannel growth strategy.
Scotch Porter names president
Christian Chopra. (Courtesy photo)
Male grooming and wellness brand Scotch Porter named Christian Chopra as its new president, according to Global Cosmetics News. He most recently served as GM of consumer beauty at Henkel Canada Corporation, and previously served as a brand executive at L’Oréal with Lancôme Skin Care.
“As the Scotch Porter brand continues to grow, we are thrilled to welcome Christian to the team to drive and lead tactical business operations efforts that will be critical to our expansion, positioning Scotch Porter as a leader in the men’s wellness and personal care space,” said Calvin Quallis, founder and CEO of Scotch Porter.
Rosie names SVP of industry and customer development
Lori Brown. (Courtesy photo)
Grocery ecommerce platform Rosie hired Lori Brown as SVP of industry and customer development. In the role, Brown will lead growth of its ecommerce platform and retail media network.
Brown previously spent 18 years at Post Consumer Brands, having most recently served as regional VP for the West Region.
“Lori’s enthusiasm for independent grocers and wholesalers is legendary,” Rosie CEO and cofounder Nick Nickitas said in a statement. “She brings years of experience and a passion for delivering delight to shoppers, retailers, and organizations across the US.
Rosie said nearly 300 retailers are running their ecommerce or mobile service with the company's platform.
Trending in Careers
Campbell Soup Company CEO Mark Clouse offered thoughts on messaging amid inflationary shifts in consumer behavior.
After months of elevated inflation and interest rate hikes that have the potential to cool demand, consumers are showing more signs of shifting behavior.
It’s showing up in retail sales data, but there’s also evidence in the observations of the brands responsible for grocery store staples.
The latest example came this week from Campbell Soup Company. CEO Mark Clouse told analysts that the consumer continues to be “resilient” despite continued price increases on food, but found that “consumers are beginning to feel that pressure” as time goes on.
This shows up in the categories they are buying. Overall, Clouse said Campbell sees a shift toward shelf-stable items, and away from more expensive prepared foods.
There is also change in when they make purchases. People are buying more at the beginning of the month. That’s because they are stretching paychecks as long as possible.
These shifts change how the company is communicating with consumers.
Clouse said the changes in behavior are an opportunity to “focus on value within our messaging without necessarily having to chase pricing all the way down.”
“No question that it's important that we protect affordability and that we make that relevant in the categories that we're in," Clouse said. "But I also think there's a lot of ways to frame value in different ways, right?”
A meal cooked with condensed soup may be cheaper than picking up a frozen item or ordering out. Consumers just need a reminder. Even within Campbell’s own portfolio, the company can elevate brands that have more value now, even if they may not always get the limelight.
The open question is whether the shift in behavior will begin to show up in the results of the companies that have raised prices. Campbell’s overall net sales grew 5% for the quarter ended April 30, while gross profit margins held steady around 30%. But the category-level results were more uneven. U.S. soup sales declined 11%, though the company said that was owed to comparisons with the quarter when supply chains reopened a year ago and expressed confidence that the category is seeing a longer-term resurgence as more people cook at home following the pandemic. Snacks, which includes Goldfish and Pepperidge Farm, were up 12% And while net sales increased overall, the amount of products people are buying is declining. Volumes were down 7%.
These are trends happening across the grocery store. Campbell is continuing to compete. It is leading with iconic brands, and a host of different ways to consume them. It is following that up with innovation that makes the products stand out. Then, it is driving home messaging that shows consumers how to fit the products into their lives, and even their tightening spending plans.
Campbell Soup is more than 150 years old, and has seen plenty of difficult economic environments. It is also a different business today, and will continue to evolve. At the end of the day, continued execution is what’s required.
“If it's good food, people are going to buy it, especially if it's a great value,” Clouse said.