Wayfair announced that Thomas Netzer, its chief operating officer (COO), will leave the company, capping more than half a decade leading operations in his capacities there.
The news came at the end of a week that began with Wayfair’s third-quarter earnings results. The company reported a 2% year-over-year drop in quarterly revenue, which totaled $2.9 billion.
Wayfair is No. 10 in the Top 1000 Database, Digital Commerce 360’s ranking of North America’s largest online retailers. It is also the largest Housewares & Home Furnishings online retailer in North America. Digital Commerce 360 projects that Wayfair’s online sales in 2024 will reach $12.19 billion.
Wayfair COO Thomas Netzer’s departure
“Thomas’ impact on Wayfair was transformative, helping establish the company as synonymous with fast shipping, exceptional customer service and cost-efficiency,” said Niraj Shah, CEO, co-chairman and co-founder of Wayfair, in a released statement. “Under Thomas’ leadership, we expanded our network of fulfillment centers in North America and Europe and enhanced our CastleGate logistics offering, enabling lower cost and faster delivery.”
Shah credited Netzer with Wayfair’s ability to reach operational milestones during his years as global COO. Prior to that role, he served as co-CEO and COO for Wayfair’s Europe business.
“He also led our efforts to achieve over $500M of run-rate cost take outs over the last couple of years to optimize our operations,” Shah stated. “Thank you, Thomas, for your remarkable contributions.”
Netzer’s successor at Wayfair
Netzer will vacate the COO role effective Jan. 1, 2025. In his place, Jon Blotner, who is currently chief commercial officer at Wayfair, will absorb Netzer’s current responsibilities. Blotner’s new title will be president, commercial and operations, as Wayfair merges the two roles.
“Shaping and working alongside such a talented team over the past six years has been a true privilege, and I’m deeply grateful for all we’ve accomplished together,” Netzer said in Wayfair’s announcement. “Wayfair is well positioned to keep growing in both market share and customer loyalty, and I’m proud to have played a meaningful role in our shared success.”
Wayfair is currently implementing a turnaround effort in a year that began with layoffs and has seen ongoing struggles with revenue. 2024 has also seen Wayfair debut its first large-format physical store in Wilmette, Illinois, as well as a new customer loyalty program.
“We have a tremendous opportunity to bolster relationships and deliver even greater value across our customer and supplier experiences with our world-class logistics,” Shah stated, speaking of Wayfair’s leadership changes. “This integration will strengthen our decision-making and enhance our ability to lead in the market.”
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