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Buy.com Names New CEO

5/23/2006 10:50:00 AM Eastern

Aliso Viejo, Calif. — Scott Blum, founder of pioneering e-tailer Buy.com, stepped down as CEO last week and was succeeded by president/COO Neel Grover.

Blum, who left the company in the late 1990s but bought it back for $23 million in 2001 before taking it private, will remain chairman.

“The official transition of this position is consistent with the primary roles between me and Neel,” Blum said. “I have focused my time on identifying strategic opportunities in the convergence of Internet retail, media and advertising — including our recent launch of BuyTV — while Neel has led our business and corporate strategy and has been running the day-to-day operations of the company.”

Buy.com is a leading e-commerce site for CE, movies, music, books and other products. The company ranked 39th on TWICE’s Top 100 CE Retailers report with $39 million in CE sales last year, up 44.1 percent from 2004.