Join our daily newsletter At The Bell to receive exclusive market insights
- A former SEEK CEO is ready to take the wheel at eCommerce giant Redbubble (RBL)
- Michael Ilczynski will take over as Chief Executive in late January in a bid to maintain the company’s COVID-19 gains
- In the first quarter of FY21, RBL more than doubled its revenue compared to the same time last year
- Its gross profit also spiked 149 per cent
- The new CEO brings with him 13 years’ experience at SEEK’s Asia Pacific and Americas branches, where he led a team of 3000 employees
- He’ll receive $800,000 in salary every year, along with a generous base equity and long term incentive package
- Today’s news has been welcomed by investors, who took the billion-dollar stock 7.27 per cent higher to $4.87 a share
A former SEEK CEO is ready to take the wheel at eCommerce giant Redbubble (RBL).
Michael Ilczynski will take over as Chief Executive in late January in a bid to maintain the company’s COVID-19 gains.
He’ll be trained up by Redbubble’s founder and interim CEO, Martin Hosking, who was appointed in February while the company searched for a permanent leader.
Speaking to the appointment, Redbubble Chair Anne Ward said Michael’s 13-year tenure at SEEK was an important qualification.
“Michael played a major role in helping SEEK grow into the global force it
is today. That track-record, including the successful development of his team, evolution of the product and scaling of the business, are the right combination to continue Redbubble’s transition from a niche to mainstream global consumer marketplace,” she stated.
Financial performance
Today’s announcement mark’s RBL’s latest bid to further its financial growth. While the global pandemic keeping shoppers at home and online, Redbubbles retail platform has thrived.
In the first quarter of FY21, RBL more than doubled its revenue compared to the same time last year. Its gross profit also spiked 149 per cent.
“Redbubble is positioned to build on a decade of momentum and aggressively pursue the global e-commerce opportunity and Michael’s appointment is the
next milestone in the company’s ambition to successfully build a new consumer category,” Founder and interim CEO Martin Hosking commented today.
“2020 has been a remarkable year for the company in which the global
marketplace has scaled with accelerated consumer uptake … The
next stage for the company is to go from a relatively niche to a mainstream marketplace as we match the consumer demand for more personal and relevant products,” he continued.
The incoming CEO echoed his comments and stressed Redbubble was a “remarkable” growth opportunity.
“Having been a customer of Redbubble for several years, I understand the special
nature of Redbubble’s offering and the joy that giving or purchasing their products can bring,” Michael exclaimed.
“I am tremendously excited to be joining the Redbubble team, and am very
thankful to Anne, Martin and the Redbubble Board to be given this opportunity,” he concluded.
Michael has experience at the helm of a major company: at SEEK, he headed up the Asia Pacific and Americas branches, where he led a team of 3000 employees.
Reumuneration
As he joins the Redbubble team, he’ll receive $800,000 a year in annual remuneration (including super). Michael’s contract also includes a $400,000 base equity package and an $800,000 long term incentive bonus.
Once RBL releases its first-half results for FY21, the new CEO will also buy $2 million in Redbubble shares. $1.6 million in funding will be provided via a loan, while the other $400,000 will come from Michael’s own pockets.
The cash injection will launch RBL into FY21’s second half with extra capital to execute its growth strategy.
“This is the right appointment for our shareholders, our people, our artists and our customers,” RBL Chair Anne Ward signed off.
Today’s news has been welcomed by investors, who took the billion-dollar stock 7.27 per cent higher to $4.87 a share at 12:02 pm AEDT.
