Michael Fleisher named CFO at IPO-imminent Wayfair
As upstart home goods e-tailer Wayfair gears up for a likely IPO in 2014 or 2015, Michael Fleisher will step in as the company's new CFO to help speed the process along.
Fleisher, who is leaving his post as Warner Music Group vice chairman, replaces Nicholas Malone, who is remaining at the company as chief administration officer.
"Following an extensive search process, it became very clear that Michael was the ideal person to help lead Wayfair.com through the next steps on our exciting path to becoming the world's leading ecommerce player in the $400 billion home goods market," said Niraj Shah, CEO and co-founder of Wayfair.com. "In addition to bringing a strong and seasoned voice to our executive management team, we are confident that Michael's impressive track record and unrivaled expertise in public markets, mergers and acquisitions, and strategy will help us achieve our long term goals."
In his new role, Fleisher will continue to build Wayfair's relationships with investors -- at $201 million in venture capital, the company is considering another financing round before its IPO -- as well as steer the company through various acquisitions, Forbes reports.
Fleisher has a robust background in public markets, mergers and acquisitions, as well as a strong background in strategic initiatives. He is credited with leading the sale of Warner Music Group to Access Industries in a more than $3 billion transaction, as well as helping the company achieve its highest operating margins since his appointment in 2005. He also had a major role in the company's public transition in May 2005.
"Wayfair.com is on a stunning growth trajectory toward becoming the dominant global e-commerce player in a major market segment," added Fleisher. "My goal has been to join a company with amazing founders, a world class leadership team, passionate customers and an unbridled growth opportunity. Wayfair.com is that company. I could not be more honored to collaborate with Niraj, Steve, Nick and the entire team to keep building Wayfair.com and delivering for our customers. I am excited to draw from my past experiences and play an integral role in guiding Wayfair.com through its continued growth and evolution."
Wayfair has experienced a year of record growth -- more than 50%, to be exact, reaching nearly $1 billion in sales.