Fab's COO Leaves The Company As The Startup Attempts To Restructure
Fab
The Bloomberg report comes from an internal email Fab CEO Jason Goldberg sent to the staff.
A spokesperson for Fab declined to confirm Ferreira's departure because restructuring changes at the company are still taking place.
Here's the statement:
"With regards to the rumors, it is accurate that Fab is undergoing management changes as we realign the business to execute our 2014-2017 plan," the Fab spokesperson said. "There will be a number of management changes involved as we streamline the organization and move the category to P&L based structure. As not all of the organizational changes are final yet, we are wit holding comment on any specific individuals until later this week."
After raising a massive $165 million in funding this summer, Fab has had some issues. The company recently fired several hundred employees, experienced a decline in site traffic, and earlier this month, co-founder Bradford Shellhammer left the company.
All the inner turmoil can be attributed to Fab's rapid growth; it has been trying to restructure, narrowing its focus and moving away from flash sales.
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