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Savitz Unexpectedly Steps Down from Shoebuy

The executive resigned on Monday.

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In a shocking move, Scott Savitz has resigned from his post as CEO of Shoebuy.com.

The executive, who founded the site 11 years ago, said he will leave the e-tailer by the end of this week. He declined to comment on his next move.

“I need to close this chapter before I begin a new one,” Savitz told Footwear News on Monday from his Boston office.

Savitz had been working closely with FN on a special section that appeared in today’s issue. As of press time last Thursday, and up until Monday afternoon, there had been no indication from the company; its parent, IAC; or Savitz himself that he was planning to depart.

In an email message to industry contacts earlier on Monday, Savitz wrote, “It is somewhat ironic that I am announcing my resignation at the very time that our largest trade publication in footwear is focusing an issue on what they suggest is the impact I have had on the footwear industry and the success I have had with Shoebuy.”

He added, “Shoebuy has grown, on average, over 50 percent a year since we launched in January 2000. Even more impressive is the fact that since the acquisition of Shoebuy in early 2006, during a period including a terrible economic recession, we still tripled revenues and grew [the] bottom line faster than [the] top line.”

Savitz also lauded the close-knit Shoebuy staff, as well as his industry partners.

“The team at Shoebuy is the very best I could imagine, and I consider our partners not just as vendors but also as friends,” he wrote. “I could not be prouder of what we have all built together, and I know where I will always be buying my footwear and related apparel.”

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