At Radial, the King of Prussia-based company that helps retailers compete with Amazon, the chief executive and president are gone, and Pierre Winand, a top executive from new owner Bpost, is running operations from his California headquarters.
Radial is the billion-dollar-a-year warehouse operator, logistics and security adviser founded by Montgomery County retailing mogul Michael Rubin as GSI Commerce. The company was bought in October for $820 million by Bpost, the Belgian national post office manager and European delivery service, from its private-equity owners, Sterling Partners and Longview Asset Management. Those owners had spun off three other former eBay businesses after buying the group from eBay for $925 million in 2015. eBay had paid Rubin and public investors $2.5 billion for GSI in 2011 but had a tough time growing the business in competition with Amazon.
When the sale was announced in October, Bpost said Radial's management team would stay in place. But in reality, president Tobias Hartmann had already departed a month earlier to run U.S. operations at New York-based "meal kit" maker Hello Fresh. And now, Matthew J. Espe, the former Armstrong World Industries chief who served as Radial's CEO during its final private-equity era, has also departed, leaving Winand to run the company.
Winand is a former Bpost chief financial officer sent to run its initial U.S. operations, Landmark Global, two years ago. NEW 11/28: Winand "is planning to relocate East in early 2018," and is looking "at both the Philly and New York areas," spokeswoman Dana Trismen told me.
King of Prussia remains Radial's headquarters.
At the time of the deal, Radial employed about 400 in King of Prussia, down from more than 1,000 in the eBay era.
Winand now heads both businesses and their umbrella division, Bpost Parcels & Logistics Americas. Radial's piece includes 24 regional warehouses and shipping centers — including a new one in Burlington, N.J. — earning more than $65 million in profits before interest, taxes, depreciation and amortization. Future Radial sales will be folded into Bpost results.