Another change is hitting Zulily as CEO Terry Boyle is leaving the Seattle-based online retailer.
Boyle’s last day with Zulily will be Oct. 31, according to an internal memo viewed by GeekWire.
The former Nordstrom exec joined Zulily in March 2022 as CEO and president. He previously led various divisions at Nordstrom, including Trunk Club and Nordstromrack.com, and was CEO at Los Angeles-based e-commerce company Behold before taking the top job at Zulily.
Boyle’s departure is the latest in a series of changes at Zulily.
Its previous owner, QVC parent Qurate, sold the company to Los Angeles private equity firm Regent in May.
Zulily then laid off staff in June. Affected employees told GeekWire that they did not receive severance.
GeekWire reported last month that several vendors weren’t getting paid by Zulily following the Regent acquisition.
In a May press release announcing its acquisition, Regent said it planned to grow Zulily’s business in new markets. Regent’s portfolio includes Club Monaco, Dim Paris, and Redline Bicycles, among others. It has acquired more than 30 businesses since 2015.
Zulily was struggling under Qurate before the sale to Regent. It reported a 17% drop in revenue during the first quarter, to $192 million, and a $43 million operating loss.
Zulily also laid off employees in March to help cut costs, and had another round of layoffs a year ago.
Founded in 2010, Zulily got its start by offering daily deals on products for moms and kids, and later expanded its product selection. The company went public in 2013. Qurate, the owner of QVC and HSN, paid $2.4 billion to acquire Zulily in 2015.
Zulily is also giving up its headquarters lease near the Seattle waterfront.
Boyle’s memo indicates that Regent is working on a CEO succession plan. We’ve followed up with Boyle, Zulily, and Regent for more details and we’ll update if we hear back.
