ChannelAdvisor co-founder and CTO Aris Buinevicius, has retired, the company said after markets closed Thursday. The company also named a new chief revenue officer. The company reported revenue that just missed analysts estimates at $31.8 million, up 8 percent but short of the $32 million expected.
Buinevicius founded ChannelAdvisor with Scot Wingo in 2001. They previously co-founded Stingray Software, which sold for $21 million and then the company that morphed into ChannelAdvisor, AuctionRover, which GoTo.com acquired in 2001.
In a conference call, ChannelAdvisor CEO David Spitz said the retirement would not disrupt the company’s product development plans, but that he “will be missed.”
The company named Paul Forte, previously vice president for North American sales, Monster.com, where he managed the 900-person sales team, was named chief reveunue officer. He takes over from Ryan Walsh, who resigned.
The company reported adjusted net income of $8.9 million, compared to $5.9 million in the same period last year.
For the full year, the company earned $5.3 million on $113.2 milllion in revenue, a 13 percent boost over the same period last year. It had a loss of $7.3 million in 2015.
