A changing of the guard at Buy.com, which was bought by Japan’s Rakuten in May 2010. Long-serving executives CEO/president Neel Grover and COO Greg Giraudi are stepping down from their roles, effective September 1. Grover had been instrumental behind the sale of the e-commerce site to the Japanese giant for $250 million.
The memo does not make clear why the pair are leaving, but it coincides with the two-year mark since the Buy.com sale closed, so it may be connected to an earn-out. It may also be a sign of Rakuten strengthening its control of operations at Buy.com as it ramps up its activities in the U.S. That has included leading a $100 million, strategic investment in Pinterest in May this year.