Fab COO to leave company by end of year

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Beth Ferreira, Chief Operating Officer of Fab Inc. is leaving the company following the departure of Fab co-founder Bradford Shellhammer, according to someone with knowledge of the situation.

A former executive at Etsy, Ferreira joined the online retailer in 2011 and will exit the company by year’s end, said the source, who requested anonymity as the matter is not yet public.

A Bloomberg report stated that CEO Jason Goldberg announced the move to the company’s board in an e-mail.

Deborah Roth, a spokeswoman for the New York-based company, said: “It is accurate that Fab is undergoing management changes as we realign the business to execute on our 2014-2017 plan. There will be a number of management changes involved as we streamline the organisation.”

Roth, however, declined to comment on Ferreira’s departure.

Earlier this year, the two-year-old start-up, which has become popular among online shoppers for its quirky housewares, was valued at around US$1 billion. The company’s rapid growth came with challenges as well as missteps, which saw it scaling back an expansion in Europe, firing workers and simplifying its sales strategies.

After slashing nearly 20 per cent of the company’s employees, Goldberg presented the board with a new structuring plan aimed at achieving profitability.

In an e-mail to his staff, Goldberg said that the plan would include a refined merchandising strategy, a narrower business focus, investment in strategic initiatives, and a “revamped and streamlined organisation structure that will help us better serve our customers while guiding Fab to profitability.”

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