Wayfair (NYSE:W) announced on Monday that its acting chief technology officer is stepping into the role on a permanent basis. Jim Miller is officially the CTO after serving as interim leader since August.
"Jim's track record of strong leadership at fast-growing, large scale, technology companies makes him the ideal fit to guide our 3,000 plus person engineering team," CEO Niraj Shah said in a press release. Executives noted that Miller previously served in leadership positions at the tech manufacturing specialist AREVO and at Google.
IMAGE SOURCE: GETTY IMAGES.
Miller is stepping in at a tricky time for the business, which is currently enjoying a sharp sales boost as consumers turn to online shopping for their home furnishing needs.
That positive trend is balanced against intense pressures to cut costs and make Wayfair's global software engineering team more efficient. The company will need a combination of strong sales growth and reduced costs if it's going to make progress toward its goal of generating sustainable profits despite having booked nearly $1 billion in losses in the most recent fiscal year.
10 stocks we like better than Wayfair
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Wayfair wasn't one of them! That's right -- they think these 10 stocks are even better buys.
