From Home Furnishing Business
Furniture Retailer Wayfair Hires CFO, Looks to IPO
Online furniture retailer Wayfair has named Michael Fleisher, former group vice chairman for Warner Music Group, CFO, a step toward a possible initial public offering late next year or early 2015, said Niraj Shah, Wayfair CEO.
Fleisher, 48, joins Wayfair today more than two years after leaving Warner Music, where he helped guide the company through its 2005 IPO and eventual $3.3 billion sale to Access Inds. in 2011. He also was CEO of research firm Gartner when it went public.
“I don’t have e-commerce experience, but I do have IPO experience,” said Brooklynite Fleisher, who will spend at least four days a week in Wayfair’s Boston headquarters. He said he hadn’t been actively seeking work since leaving Warner Music Group in May 2011.
Wayfair, which sells furniture and other home goods online through its namesake website, as well as flash site Joss & Main, has been growing rapidly. It posted $629 million in revenue for the first nine months of the year, up 52% from the same period a year earlier, Shah said. He expects revenue of more than $900 million this year.
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Source: The Wall Street Journal