Former Apple Computer boss John Sculley has departed as a director at buy.com The company reported a pro forma net loss per share of 16 cents for the
, but the e-tailer has added two new board members with
expertise in marketing and supply chain management.
The multi-category Internet retailing company, which has seen its stock price
go from a 52-week high of $33 to as little as $1.50, was trading down 12
cents at mid-morning at $1.53.
Buy.com named Jon Firestone and Sanat K. Dutta to the board, and did not say
why Sculley was departing. A former CEO at Pepsi, Sculley was CEO of Apple
Computer from 1983 through 1993 and became chairman in 1986.
Firestone has more than 30 years of experience as a senior marketing
executive including serving as the CEO and president of ad agency BBDO’s
Minneapolis office as well as serving on the board of BBDO North America.
Dutta has more than 20 years of experience managing complex distribution and
supply chain infrastructures. Most recently, he was president of Ingram Micro
from October 1997 to March 1999. Prior to that he held executive positions
with both American Express and Best Products.
“Our new directors … add a wealth of knowledge and experience to our board in
the areas of marketing and supply chain management,” said Greg Hawkins,
buy.com’s chairman and chief executive officer. “We believe these two areas
are critical to our taking buy.com to the next level, and I can’t imagine
better individuals to help us secure a leading position in the e-tailing
space.”
Buy.com stock was downgraded by Merrill Lynch & Co. last week to near-term
“neutral” from near- term “accumulate” and long-term “neutral” from
“accumulate.” The actions came in the wake of the current round of
difficulties facing e-tailers, as evidenced by the closing of Pets.com and
MotherNature.com last week.
Like a number of other pure-play Internet retailers, buy.com has never made
any money. For the six months ended June 30, net revenues rose 69 percent to
$400.8 million, but net loss rose 40 percent to $66.5 million.
third quarter. Revenues for the third quarter were $190.2 million, up 19.6
percent versus $159.0 million in the third quarter of 1999.
Sculley had been a director since 1997. Over the last two years, John’s
valuable contributions as a director have proven of significant benefit to
the company, and we
will miss his experience on the board,” said Hawkins in a statement.
Sculley Leaves Buy.com Board
