May 4, 2015

The News & Observer

ChannelAdvisor names David Spitz to be new CEO

E-commerce technology company ChannelAdvisor, which earlier this year overhauled its pricing policies in a bid to goose its disappointing revenue, has revamped its management team.

The Morrisville-based company announced Monday that co-founder and CEO Scot Wingo has been named executive chairman and has been succeeded as chief executive by David Spitz, who has been president and chief operating officer since 2010.

Wingo, in a prepared statement, called Spitz “a strong, dynamic leader, with the drive to lead our organization forward.” Wingo also said he would remain “closely involved in driving ChannelAdvisor’s role in the complex e-commerce industry both internally and externally, and making further contributions to our products and strategy in my new role.”

Spitz said in a prepared statement that “I strongly believe in the solid fundamentals driving opportunities for the company.”

ChannelAdvisors shares plunged 54 percent in a single day in January after the company cautioned investors that fourth-quarter revenue would be disappointing. When the company issued its fourth-quarter results a few weeks later, Wingo said that although he still expects revenue to grow at least 20 percent a year over the long-term, this year’s revenue would fall short of that mark.

On Monday the company announced that its first-quarter revenue rose 17 percent to $19.3 million.

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