Fab.com Inc., the e-commerce startup that has been valued at about $1 billion, announced the departure of co-founder Bradford Shellhammer, who was in charge of choosing the products sold by the website.
“Bradford feels now is the perfect time in Fab’s lifecycle and for his career for him to take a step back from Fab and pursue other adventures,” Chief Executive Officer Jason Goldberg said today in a blog post. Shellhammer will remain an adviser to the company, he said.
The move follows a round of job cuts last month that eliminated 101 positions, or about 19 percent of the staff. The company is shifting away from flash sales -- selling limited amounts of goods in bursts -- and toward an inventory model that requires more merchandising expertise.
The startup, which rose to prominence selling quirky home goods, raised $150 million in June from investors such as China’s Tencent Holdings Ltd. (700) Additional funding rounds in July and August brought the total amount raised to at least $325 million.
“Roles and people change,” Goldberg said today. “Business models evolve. But our motivation at Fab stays constant: to brighten peoples’ lives with design.”
To contact the editor responsible for this story: Nick Turner at email@example.com