E-commerce shipping solution provider Stamps.com is replacing its top executive, just a month after its shareholders approved a takeover bid by private equity firm Thoma Bravo LLC, the company said today.
Thoma Bravo had announced the acquisition in July, offering to pay $6.6 billion to buy El Segundo, California-based Stamps.com, which provides online postage and shipping software that operate under brand names ShipStation, Stamps.com, MetaPack, and ShipEngine. At the time, Thoma Bravo said the company was “well positioned to capitalize on the strong secular tailwinds in e-commerce” thanks in part to its “highly-seasoned management team.”
One of those managers will now depart, as CEO and 22-year company veteran Ken McBride has decided to step down, to be replaced immediately by Nathan Jones, a top internal executive who has been president and CEO of ShipStation and several other brands for the past seven years. McBride will remain at the company through year end to assist in the transition and will also remain on the Stamps.com board of directors going forward.
"We're excited that Nathan will be the next CEO at Stamps.com, helping us as we continue to pursue our mission of providing merchants the tools to solve global shipping and logistics problems," Charles Goodman, chairman of Stamps.com and operating partner at Thoma Bravo, said in a release. "Nathan is a seasoned executive with deep domain expertise and operational excellence and has had a significant impact on the company these past 7 years. He is the perfect choice to lead Stamps.com through its next phase of growth.”