Steve Oblak to
retire in Q1 2024; Jon Blotner to be
named Chief Commercial Officer
Q2 revenue trend
improving, led by growth in orders
BOSTON, June 7, 2023
/PRNewswire/ -- Wayfair Inc. (NYSE:W), one of the world's
largest destinations for the home, today shared an update on its
business leadership and performance. The company announced that
Steve Oblak, Chief Commercial
Officer, will retire from Wayfair in Q1 2024 after 14 years of
leadership. It announced the planned appointment of Jon Blotner to the role of Chief Commercial
Officer and also shared details on quarter-to-date business trends,
which continue to improve in spite of a difficult macro
environment.
"Steve has served as a critical part of our leadership team and
played a pivotal role in Wayfair's growth, helping us grow from a
$250 million business when he joined
to $12 billion in net revenue today.
He oversaw countless milestones, from helping to launch the Wayfair
brand as we brought together hundreds of sites into a single
platform, to launching new categories, business lines, and
geographies while overseeing our North American and European
businesses, to leading our debut into physical retail," noted
Niraj Shah, CEO, Co-Chairman and
Co-Founder, Wayfair. "He leaves us in great hands with Jon, who has
been instrumental in building and growing a wide range of our
commercial offerings over the last seven years. I look forward to
seeing Jon take the helm of our Commercial organization and build
on this momentum as we further solidify our position as the leader
in Home."
"It's been an honor to be part of Wayfair's growth story and a
member of this incredible team," said Oblak. "The journey has been
amazing and life changing. We have a huge opportunity ahead and I'm
confident in our future. Jon is uniquely qualified to lead
Commercial, and I'm excited to see him bring his passion, energy
and creativity to Wayfair's long-term opportunities with a
long-term ownership mindset."
The company also shared that quarter-to-date gross revenue is
strengthening, and is now trending in the negative mid single digit
percentage range year-over-year. This improvement relative to the
company's last business update has been driven by total order
growth turning positive year-over-year during the period,
offsetting lower average order values and the impact of
deflation.
"We have been very pleased by how our team's efforts have
rekindled the flywheel that has powered our business for 20 years,"
continued Shah. "Our core Commercial offering is stronger than ever
and we see momentum in the topline as our vast selection, sharp
pricing, and fast, seamless delivery all resonate with customers to
drive better results. We continue to take market share and execute
tightly against our cost efficiency plan, driving us to Adjusted
EBITDA profitability in Q2. It's nice to be on offense again, and
we're excited about the opportunity ahead."
Jon Blotner brings to the CCO
role nearly two decades of experience growing retail businesses,
technology offerings and services while also building, operating
and scaling high-performing teams across a diverse range of
functions. To date at Wayfair, he has overseen the company's
Exclusive Brands and Specialty Retail Brands, which include
AllModern, Joss & Main and Birch Lane, as well as its Visual
Media, 3D Operations and Technology, Merchandising as a Service,
Advertising, and Supplier Acquisition and Onboarding functions.
Before joining Wayfair, Jon served as President of Gemvara.com
until it was acquired by Berkshire Hathaway in 2016. Prior to
Gemvara, Jon worked for Bain & Company in Boston. Blotner will serve as Incoming CCO
beginning July 2023 and will formally
assume the CCO role in October
2023.
"I am honored to be named Wayfair's Chief Commercial Officer and
lead our highly-talented Commercial team," said Blotner. "Wayfair
has built a platform that is unrivaled in the Home space and we
have a significant market opportunity ahead. I look forward to
continuing to drive innovation across our core customer and
supplier experiences and further expand our omnichannel presence so
that we can meet our customers wherever they are with the absolute
best shopping experience in our category."
About Wayfair
Wayfair is the destination for all things home: helping
everyone, anywhere create their feeling of home. From expert
customer service, to the development of tools that make the
shopping process easier, to carrying one of the widest and deepest
selections of items for every space, style, and budget, Wayfair
gives everyone the power to create spaces that are just right for
them.
The Wayfair family of sites includes:
- Wayfair: Everything home — for a space that's all
you.
- Joss & Main: The ultimate style edit for home.
- AllModern: All of modern, made simple.
- Birch Lane: A fresh take on the classics.
- Perigold: An undiscovered world of luxury design.
- Wayfair Professional: Just right for Pros.
Wayfair generated $12.0 billion in
net revenue for the twelve months ended March 31, 2023 and is headquartered in
Boston, Massachusetts with global
operations.
Wayfair Media Relations Contact:
Susan Frechette
PR@Wayfair.com
Wayfair Investor Relations Contact:
James Lamb
IR@Wayfair.com
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of federal and state
securities laws. All statements other than statements of historical
fact contained in this press release including, but not limited to,
statements regarding our future results of operations and financial
position, including the achievement and timing of Adjusted EBITDA
profitability, our investment plans and anticipated returns on
those investments, our business strategy, plans and objectives of
management for future operations, including positive gross revenue
and order volume trends and improvements in market share, and the
impact of macroeconomic factors and our response to such factors,
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could vary materially from our expectations and projections.
Investors are therefore cautioned not to place undue reliance on
any forward-looking statements. These forward-looking statements
speak only as of the date of this press release and, except as
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update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events or
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A list and description of risks, uncertainties and other factors
that could cause or contribute to differences in our results can be
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including our most recent Annual Report on Form 10-K and subsequent
filings. We qualify all of our forward-looking statements by these
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SOURCE Wayfair, LLC