One of Vancouver’s most storied tech companies is seeking a new CEO.
BuildDirect.com Technologies Inc. (TSXV:BILD) announced Friday Dan Park would be exiting the top job as of December 31 due to personal reasons.
Park, who left Amazon.com Inc. (Nasdaq: AMZN) to join BuildDirect as chief operating officer in 2017, will take on the role of board chairman beginning next year.
The U.S. army veteran was named CEO in October 2017, the same day founding CEO Jeff Booth departed the company often described as the Amazon of building supplies.
Days later, on Halloween, BuildDirect filed for creditor protection.
Court documents revealed it owed lenders $75 million in principal at the same time operating costs were exceeding revenue by $2.6 million a month.
But by March 2018, Park had helped steer the company out of creditor protection.
“We’re in the best financial position that we’ve been in, in BuildDirect’s 19-year history,” Park told BIV later that year.
BuildDirect managed to raise US$28 million and convert US$15 million of interim financing provided during the Companies’ Creditors Arrangement Act proceedings. And as part of the plan, creditors agreed to convert US$58 million of debt into equity.
“This is a very complicated industry,” Park said. “There’s a reason why Amazon’s not in this yet.”
BuildDirect has tapped executive search firm Boyden Canada to find a new CEO.
"I am committed to supporting the search for a new CEO, and the onboarding and transition process that will follow," Park said in a statement.
Meanwhile, the company also announced Friday it was adding two new faces to the board: Former Canadian Tire Corp. Ltd. (TSX:CTC.A) and Home Depot Canada exec Peg Hunter; and Zone Climate Services CEO Henry Lees-Buckley.
BuildDirect completed a reverse takeover back in August, bringing the Vancouver company to the public markets and raising $20.5 million.
