Advertisement

Boxed CFO Leaves In Wake Of Alleged Takeover Rejection

Boxed is facing an executive-level shakeup with the departure of Naeem Ishaq, CFO of the online wholesaler, according to Fast Company. He is the third executive to part ways with the retailer in recent months, following Behzad Soltani, VP of B2B in February 2018, and CMO Heather Mayo in September 2017.

The latest exit takes place one week after Boxed reportedly rejected a $400 million takeover bid from Kroger, according to Bloomberg. The retailer had also held preliminary talks with Amazon, Target and Costco, but those retailers didn’t submit a bid. At the NRF Big Show in January, Boxed CEO Chieh Huang revealed that his dream was to stay independent and take the company public.

Boxed carries a limited selection of bulk-sized essentials and grocery products, which allows the fulfillment of more orders using fewer people and less space than competitors. The retailer has been dubbed the “Costco of Millennials” due to its young, tech-savvy consumer base, but its performance with enterprise customers also has been impressive. Office purchases of bulk goods represent 50% of all new business for Boxed and 25% of overall sales.

Advertisement

The online retailer is in the right market for expansion, as the online grocery market’s compound annual growth rate has increased 18% over the last five years, according to Forrester Research. Boxed is staying at the cutting edge of e-Commerce by debuting three new customer-facing technologies in early 2018: Augmented Reality (AR) View to let customers see and compare products; a Facebook Messenger chatbot capable of handling customer service questions; and a group ordering option for customers to share links and split the bill through Venmo.

Featured Event

Join the Retail Trendcaster Webinar Series to uncover key 2025 retail trends, from AI and personalization to social commerce. Gain expert insights, data-driven predictions, and actionable takeaways to stay ahead in a rapidly evolving market.

Advertisement

Advertisement

Retail Trendcaster Webinar Series
Days
Hours
Minutes
Seconds

Uncovering What’s Next in Retail

March 17-19, 2025  |  Free On-Demand Digital Event

Q1 is a pivotal time for retail, with experts analyzing holiday sales and forecasting trends. Join Retail TouchPoints’ Retail Trendcaster webinar series for insights on consumer spending, AI, personalization, social commerce, and more—helping you focus on what truly matters in 2025.

Brought to you by
Retail TouchPoints
Register Now
Retail TouchPoints is a brand of Emerald X LLC. By clicking the button and submitting information, you acknowledge and agree that your information may be shared with corporate affiliates of Emerald X LLC, and other organizations such as event hosts, speakers, sponsors, and partners. Please read our Privacy Policy and our Terms Of Use for more information on our policies.

Access The Media Kit

Interests:

Access Our Editorial Calendar




If you are downloading this on behalf of a client, please provide the company name and website information below: