ChannelAdvisor co-founder Aris Buinevicius, who has been chief technology officer of the e-commerce technology company since its inception in 2001, has retired.
The Morrisville company announced the retirement of Buinevicius after the markets closed Thursday along with a second change in the company’s senior management: a new chief revenue officer.
Buinevicius and Scot Wingo, ChannelAdvisor’s executive chairman, co-founded the business after forming two prior startups, AuctionRover.com and Stingray Software. AuctionRover was acquired by GoTo.com in 2000, two years after Stingray was sold for $21 million.
“I think, after 16 years (at ChannelAdvisor), he was ready to take a well-deserved break,” CEO David Spitz said of Buinevicius during an interview.
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Spitz also spoke highly of Buinevicius during a conference call with analysts.
“Although I do not expect any disruption to our product development plans stemming from Aris’ retirement, as a personal friend and on behalf of everyone at ChannelAdvisor I can tell you that he will be missed,” Spitz said.
Buinevicius’s age was listed as 48 in the company’s latest proxy statement.
“I think, at least in the short term, his plan is to relax a little bit and spend time with his family and children,” Spitz said. “At some point, I’m sure curiosity will get the better of him and he will explore new things.”
Paul Forte, who previously was executive vice president of North American sales for Monster Worldwide, which owned an operated the Monster.com employment website before it was acquired. At Monster he managed a 900-person sales force.
Forte, who has an MBA from the University of Michigan, also spent eight years at IBM.
“We think he can take the groundwork that we’ve laid and take it to the next level for us,” said Chief Financial Officer Mark Cook.
Forte succeeds Ryan Walsh, who has resigned but will serve as an advisor until the end of March.
“I think Ryan was also ready for a new challenge,” Spitz said. “If you look at Ryan’s contribution at getting ChannelAdvisor to over $100 million in (annual) revenue, it’s a pretty remarkable contribution ... He has a lot to be proud of.”
ChannelAdvisor also reported fourth-quarter revenue that fell a touch short of expectations.
Revenue totaled $31.8 million, up 8 percent from a year ago. Analysts polled by Bloomberg News were projecting $32 million in revenue.
One factor that hurt revenue, according to the company, is that Amazon aggressively cuts prices of the products it sells itself during the holidays, which hurt sales of third-party companies – ChannelAdvisor’s customers – that sell on the Amazon website. ChannelAdvisor’s revenue is partly based on its customers’ sales.
ChannelAdvisor’s cloud-based software enables retailers to integrate and manage online sales across a multitude of channels. Retailers also use its software to automatically advertise products on search engines.
Adjusted net income for the quarter was $8.9 million, up from $3 million a year ago.
“We continue to be really pleased with the progress we’re making on the bottom line,” Spitz said.
For all of 2016, ChannelAdvisor generated $113.2 million in revenue, up 13 percent. Adjusted net income was $5.3 million, versus a loss of $7.3 million in 2015.
ChannelAdvisor reported its earnings after the markets closed Thursday. Earlier in the day, its shares closed at $14.25, up 90 cents.