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PFSweb Announces Leadership Changes

Stocks in this article: PFSW

PFSweb, Inc. (Nasdaq: PFSW), an international provider of end-to-end eCommerce solutions, announced today that the Board of Directors has appointed Michael C. Willoughby as Chief Executive Officer and to the Board of Directors, effective March 26, 2013. In addition, it announced that lead director James F. Reilly has been named Chairman of the Board, also effective March 26, 2013.

The appointments of Messrs. Willoughby and Reilly follow the announcement by the Company that current Chairman and Chief Executive Officer, Mark Layton, will be leaving the Company to pursue other business opportunities. Mr. Layton will remain with PFSweb until April 30, 2013 to ensure a smooth transition. The Board determined to separate the roles of CEO and Chairman at this time in order to allow the CEO to focus more completely on increasing operating efficiency.

“We appreciate Mark’s service to the Company, and wish him well as he looks to pursue other opportunities,” said Mr. Reilly. “We want to take this opportunity to honor Mark’s role as the founder of PFSweb and acknowledge his leadership in transforming PFSweb into a leading provider of end-to-end eCommerce solutions.”

“The Board of Directors, after careful consideration, has decided that Mike has the combination of skills and professional management experience necessary to lead PFSweb forward. Since joining the Company in 1999, Mike has proven himself to be an invaluable asset. He brings to the role a tremendous amount of knowledge and experience in eCommerce technology and services, as well as an appreciation for the key growth opportunities in the industry,” said Mr. Reilly.

“I am honored to have been chosen by our Board of Directors as PFSweb’s new CEO, and look forward to focusing my talent and energies towards creating value for our shareholders,” stated Mr. Willoughby. “The demand for eCommerce services continues to grow every year as more consumers shop online. I firmly believe that PFSweb has established a leading position in the eCommerce industry and our growth opportunities are strong. As we continue to roll-out our omni-channel iCommerce initiative, we will leverage our strategic alliances with companies, such as Demandware, Shopatron, IBM and ExactTarget, together with our own PFSweb technology and service expertise and more than 75 client programs for the world’s leading brands to seek to accelerate revenue growth, drive operating efficiencies and profitability. As the new CEO, I have the benefit of an amazing team, a world-class solution and an outstanding client portfolio. I look forward to building on this solid foundation as our team works to unlock the true value and potential of PFSweb for our shareholders.”

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