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Red Envelope Names Pound Chairman

By Staff -- Gifts and Dec, 2/7/2007 1:46:00 PM

San Francisco — Online gift retailer Red Envelope Inc. appointed John Pound to chair its board of directors. Pound is manager of The Integrity Fund L.P, a significant stockholder of the company. Daniel Lyle, who served as chairman since August 2005, will continue to serve on the company’s board and as chairman of the audit committee.

“We are pleased that John has agreed to serve as chairman," said president and CEO Ken Constable. "His background in brands and multi-channel specialty retail will be valuable as we develop strategies to unlock the potential in the Red Envelope brand and business model.”

Constable himself is a relative newcomer to Red Envelope, after former president and CEO Alison May left the company last January. Constable’s strategy of narrowing the retailer’s focus seems to be working: After reporting a loss for the last three quarters, Red Envelope reported earnings growth of 29 percent for its fiscal third quarter, helped by limited-time offers during the holiday season. Third quarter income increased to $5.3 million, compared to $4.1 million during the same period last year; revenue grew 8 percent to $57 million.

In August, Pound reported to the SEC that he indirectly owned 847,725 shares of Red Envelope. That does not, however, make The Integrity Fund the company’s largest shareholder: that honor goes to Fine Capital Partners, which purchased 400,000 on January 31, bringing Fine’s total Red Envelope holdings to 13.6 percent, or 1.31 million shares.

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