CEO Anthony Bucci isn't the only top RevZilla Motorsports LLC executive who is stepping down, 10 months after private-investment firm J.W. Childs put the motorcycle-gear direct retailer into a new company, Comoto Holdings Inc.
David Price, RevZilla's chief financial officer and one of its first employees, is also leaving, the fast-growing company confirmed. He'll be replaced by Greg Teed, who was CFO at Arhaus Furniture and spent the 2000s rising through key posts at the Limited, the mall-retailing giant. Teed will serve as CFO for both Comoto and RevZilla.
"It's a bittersweet move for me," said Price, who joined RevZilla as senior accounting manager from Mount Laurel-based Brown & Brown insurance in 2011, and earlier worked for George Norcross' insurance agency, Conner Strong & Buckalew. "I really climbed the mountain with these guys."
But, like Bucci, Price has a young family; the pressure of balancing that life with overseeing the books at a growing company convinced him "a couple of months ago that it was time to move on. My heart wasn't in it." Unlike Bucci, who remains with the company, Price is leaving RevZilla.
Price said he told Bucci and the other RevZilla co-founders last month, only to learn that Bucci "was also looking to transition into a different role." They told staff about their plans late last week.
Price called his replacement, Teed, a financial veteran "with a much larger skill set." He said Teed was recommended by a member of the investment banking team that did the JW Childs deal.
Matt Kull, the RevZilla cofounder who is serving as interim CEO while the board finds a replacement for Bucci, warned against reading too much into Teed's combined role as CFO of both the Comoto holding-company and the RevZilla operating company. RevZilla "is not looking to integrate" with the other Comoto property, California-based Cycle Gear stores, at this time, he told me.
As with Teed, the new CFO, Kull said RevZilla and its partners are looking for a new chief executive "who has a different level of experience," but is also comfortable with RevZilla's biker-tech ethos. "We have a business that's healthy. We don't want to bring in someone to reinvent the wheel. We need someone who can help us execute." No other senior executive plans to leave, he added.
Teed spent the last six years as CFO at Arhaus, an Ohio-based chain with 66 stores (locally, King of Prussia and Marlton). Before that, he had been a vice president of finance at Limited from 2001 through 2011, including five years at the company's Bath & Body Works unit.
Sounds as if the company and its investors are putting proven national executives into their C-level suite.
How long before Comoto starts looking into a sale or initial public share offering? Will a high-powered national team grow the 220-member staff faster? Will RevZilla customers see much difference?
Kull said only that RevZilla's plans are to keep growing on its current plan, in cooperation with its investors.