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Top Execs Say Bye-Bye at Buy.com

Troubled Internet etailer Buy.com Tuesday reshuffled its management following the resignations of Gregory Hawkins, chairman and CEO, and Mitch Hill, CFO.

James B. Roszak, who has served as a member of the board of directors since August 1998, will step in as the interim CEO. He will be assisted by Donald Kendall, a board member as well as the emeritus chairman and retired CEO of PepsiCo Inc., who was appointed as the new chairman of the board. Robert Price has been hired as CFO.

The realignment of management will present the company with new opportunities, Roszak noted. "While Greg and Mitch played an integral role in the development of the company over the past couple of years and we are grateful to them for their contribution, I believe we will significantly benefit from Robert's extensive expertise and enthusiastic commitment to Buy.com's success."

The next step for the company is to show capital gains, he added. "The realities of the marketplace demand that we drive vigorously toward profitability," he said. "We've proven our ability to attract customers and sell product, now we need to prove that we can make money."

The etailer has not had an easy time of it. Two weeks ago it reported fourth-quarter losses and drastically cut its sales target for 2001. At that time, the Internet retailer was additionally in the midst of closing its Canadian division and selling its British operation.

The company's stock price opened this morning at 19/32 and, at press time, was trading at 21/32, up by 3/32.

Buy.com sells a comprehensive selection of brand name products in a broad range of categories including computer hardware and software, electronics, wireless products and services, books, music, DVDs, games, sporting goods, clearance products and a small business superstore.