SPS Commerce, Inc. (Nasdaq: SPSC), a leader in retail cloud
services, today announced the appointment of Chad Collins as its
new Chief Executive Officer, effective October 2, 2023. Mr. Collins
will succeed current CEO Archie Black, who will retire from his
position effective October 1, 2023, and will transition to the
newly created role of Executive Chair of the Board, as part of the
previously announced succession plan.
“On behalf of the Board of Directors, I would like to welcome
Chad Collins to the SPS team,” said Philip Soran, Chair of the
Board. “His leadership, industry experience and focus on customer
innovation align well with the SPS strategy and culture.”
Mr. Collins will join SPS Commerce from Körber Supply Chain,
where he served as Chief Executive Officer, Software, for over 5
years. He has spent 25 years in supply chain technology, building
market-leading businesses and pushing what’s possible in supply
chain solutions to enable customer innovation. He began his journey
in the industry as a supply chain consultant for Cap Gemini Ernst
& Young. Before becoming a part of Körber, Mr. Collins was the
President and CEO of HighJump, a global supply chain software
company which was acquired by Körber in 2017.
“This is a very exciting time to join SPS Commerce. The retail
industry continues to evolve, creating numerous opportunities to
bring efficiencies to trading partners and digitize supply chains,”
said Mr. Collins. “I believe a culture where individuals thrive is
critical to the success of any organization and its customers, and
I am honored to take on the CEO role at a company that shares that
belief. I look forward to working with the SPS team as we continue
to capitalize on retail industry dynamics and capture the large and
expanding market opportunity ahead of us.”
Under Mr. Black’s leadership, SPS Commerce has become the
world’s leading retail network and recorded significant
achievements:
- Increased revenues at a 21 percenti compound annual growth rate
since becoming a public company in 2010;
- Extended global reach to over 115,000 customers to date and
nearly 43,000 current recurring revenue customers;
- Delivered substantial shareholder returns while increasing
market capitalization by more than 52 timesii.
“On behalf of the Board, the management team, and employees, I
want to thank Archie for his dedication to SPS Commerce and his
leadership for the past 22 years,” said Mr. Soran. “During his
tenure, Archie forged and executed a winning strategy by focusing
on customer success, fostered a culture of consistent execution,
and positioned SPS for sustained, profitable growth.”
“It has been an honor to be a part of SPS Commerce’s growth and
success, and to work with such a talented team of individuals who
are relentlessly executing our vision to be the world’s retail
network,” said Mr. Black. “SPS is well positioned to capitalize on
the tremendous opportunities ahead, and I believe Chad is uniquely
qualified to lead the company through its next chapter of growth
and innovation.”
Jim Frome, President and Chief Operating Officer, to
retire in December 2024
In conjunction with the CEO transition plan, SPS Commerce also
announced that Jim Frome intends to retire from his role as
President and Chief Operating Officer. In keeping with the
company’s commitment to consistent execution and leadership
continuity, Mr. Frome plans to remain with the Company through
December 31, 2024.
“Jim has been a key contributor to SPS’ growth for 23 years. He
was integral to the creation of the industry’s first integrated
suite of products and the largest retail cloud solution architected
for today’s omnichannel market,” said Mr. Soran. “Throughout his
tenure, Jim helped to lay a foundation for innovation and
competitive market disruption, which are key drivers of SPS’
success. We appreciate Jim’s dedication and contributions to the
Company and look forward to continuing to work with him through
2024.”
About SPS Commerce
SPS Commerce is the world’s leading retail network, connecting
trading partners around the globe to optimize supply chain
operations for all retail partners. We support data-driven
partnerships with innovative cloud technology, customer-obsessed
service and accessible experts so our customers can focus on what
they do best. To date, more than 115,000 companies in retail,
grocery, distribution, supply, and logistics have chosen SPS as
their retail network. SPS has achieved 89 consecutive quarters of
revenue growth and is headquartered in Minneapolis. For additional
information, contact SPS at 866-245-8100 or visit
www.spscommerce.com.
SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks
of SPS Commerce, Inc. and registered in the U.S. Patent and
Trademark Office, along with other SPS marks. Such marks may also
be registered or otherwise protected in other countries.
Forward-Looking Statements
This press release contains forward-looking statements,
including information about future expectations, plans and
prospects, including views regarding future growth, market, growth
and other opportunities, business strategy and results, as well as
anticipated continuity, timing and effectiveness of the Chief
Executive Officer and President and Chief Operating Officer
transitions, within the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. These statements involve
known and unknown risks, uncertainties and other factors which may
cause the results of SPS Commerce to be materially different than
those expressed or implied in such statements. Certain of these
risk factors and others are included in documents SPS Commerce
files with the Securities and Exchange Commission, including but
not limited to, SPS Commerce's Annual Report on Form 10-K for the
year ended December 31, 2022, as well as subsequent reports filed
with the Securities and Exchange Commission. In addition, these
forward-looking statements are subject to factors and uncertainties
related to the officer transitions, including disruptions and
uncertainties related thereto, the ability of a successor to have
the desired level of experience and expertise, the potential impact
on the Company’s business and future strategic direction resulting
from the officer transitions, and the Company’s ability to retain
other key members of senior management. Other unknown or
unpredictable factors also could have material adverse effects on
SPS Commerce's future results. The forward-looking statements
included in this press release are made only as of the date hereof.
SPS Commerce cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, SPS
Commerce expressly disclaims any intent or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise.
SPS-F
_____________________________
i As of fiscal year 2022ii Based on SPSC stock closing price on
June 30, 2023
Contact:Investor RelationsThe Blueshirt GroupIrmina Blaszczyk
& Lisa LaukkanenSPSC@blueshirtgroup.com415-217-4962
SPS Commerce (NASDAQ:SPSC)
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