Market Overview

Former Amazon CFO Joins Thrasio Board of Directors

Share:

BOSTON and NEW YORK, Nov. 16, 2020 /PRNewswire/ -- Thras.io, Inc. ("Thrasio") announced today the appointment of former Amazon CFO Tom Szkutak to its Board of Directors. Szkutak has deep knowledge of Amazon's unique ability to create unmatched value for both customers and sellers, a philosophy that will guide Thrasio as it enters its next phase of growth.

"Like Amazon, Thrasio is an innovative company that is passionate about customer experience and has tremendous growth opportunities," said Szkutak.  "Amazon's continued investment on behalf of sellers combined with Thrasio's operational expertise and its focus on product quality, selection, and pricing is making it a success on the Amazon platform."

"Online merchants love the FBA program. The massive infrastructure Amazon has in place makes it easy for new sellers to enter the market, grow, and operate a successful business," said Thrasio co-founder and co-CEO Carlos Cashman. "Amazon's nearly 3 million active third-party sellers represent almost 60% of its sales - and the most successful ones are the sellers who best embody the 'customer-first' principle that drives all of Amazon. Thrasio aims to be an enduring partner in that story, and Tom's guidance will help us continue to emulate that customer-first approach."

"Thrasio has reached over $400 million in annual sales in just over two years," added Thrasio co-founder and co-CEO Josh Silberstein. "Tom is a perfect fit for our Board because he is one of just a few executives with experience managing that kind of extraordinary growth--all while operating within Amazon's esteemed leadership principles that promote quality at scale."

Szkutak joined the Thrasio Board of Directors effective October 23rd. He retired from Amazon in 2015 and before that spent twenty years at GE in a range of positions, including CFO for GE Lighting. Tom is an Operating Partner with Advent International and is a board member of Intuit and Zendesk.

At the time of his retirement in 2015, Amazon CEO Jeff Bezos said of Szkutak's influence, "Tom's impact over the past 12 years is evident in every part of [Amazon's] business. Under Tom's stewardship, customers have benefited from category expansion and geographical expansion, along with amazing new businesses like AWS and Kindle."[1]

David Mussafer, Managing Partner and Co-Chair of the Executive Committee at Advent International, which led Thrasio's Series C financing, said: "Thrasio has created a business that is great for the third-party seller, important for Amazon, and beneficial to the everyday consumer. Tom brings highly relevant knowledge and experience to the Thrasio Board, and we're excited to work with him and the entire leadership team to drive further growth by continuing to consolidate the Amazon TPS market."

About Thrasio

Thrasio is the world's largest acquirer of Amazon third-party private label businesses, having integrated scores of businesses into their industry-leading operating platform. The Fulfilled by Amazon (FBA) ecosystem acts as a unique launchpad for brand success, but as small sellers' niche brands evolve into multimillion-dollar businesses, they become complex and capital constrained, prompting many sellers to seek a successful exit. Thrasio purchases these category-leading brands - known for selling everyday products -` for a typical purchase price of $1+ million, giving small business owners their hard-won payout. Thrasio then onboards, optimizes, and operates this suite of brands, expanding their reach through marketing, search, product development, and supply chain management, leading to substantial financial and operating growth. Thrasio products have been the trusted items that consumers turned to for their lockdown needs, including our URBNfit Exercise Ball, the leading Anti-Fatigue Floor Mats by Sky Mats, Art Supplies from Crafts 4 All, and the fastest growing Odor Eliminator & Pet Deodorizer on Amazon by Angry Orange. For more information, visit https://thras.io.

[1] Georg Szalai, "Amazon CFO Thomas Szkutak to Retire", Hollywood Reporter, September 3, 2014, https://www.hollywoodreporter.com/news/amazon-cfo-thomas-szkutak-retire-729735

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/former-amazon-cfo-joins-thrasio-board-of-directors-301173227.html

SOURCE Thrasio

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com