SurfStitch appoints Lex Pedersen and Justin Stone as joint CEOs

Internet Retailing

17th Mar 2016

Following the abrupt resignation of SurfStitch CEO and co-founder Justin Cameron last week, the online retailer has appointed Lex Pedersen and Justin Stone as joint CEOs, effective immediately.

Pedersen is a SurfStitch co-founder and current managing director and president of the group’s Swell division.

Stone is currently managing director of the company’s Europe unit, SurfStitch’s largest geography by revenue, and founded Surfdome.

Cameron resigned as CEO via email last week, in order to join a private equity group ahead of a looming takeover bid of the company.

“The company  understands Mr Cameron is pursuing an opportunity relating to a potential acquisition of the company in conjunction with private equity,” SurfStitch said in a statement.

However the company is yet to receive a formal or informal takeover offer from private equity and has stated, “there is no certainty that any proposal or approach from any party may be forthcoming.”

SurfStitch chairman Howard McDonald said the appointment of joint CEOs was an important step forward for the business.

“Lex and Justin have significant experience in the industry and have been intimately involved in setting and executing the group’s strategy to date, and therefore are natural successors to lead the group,” McDonald said.

Pederson said he was excited by the opportunity to lead the online retailer. “We are both incredibly passionate about the business and are committed to executing the company’s strategy, driving innovation for our customers and delivering value for our shareholders,” he said.

Stone added, “We have already made great progress in terms of the development of our global platform, which is enabling us to deliver on our consolidated retail vision. We look forward to guiding SurfStitch into the next stage of growth.”