AFTER GILT: Gilt chairman Kevin Ryan, who stepped down as chief executive officer of the flash-sale site in February, is exploring potential new start-ups in the areas of education, health care and financial services. “I’m looking at big sectors that haven’t been completely transformed by online but will be,” he said at a dinner Gilt hosted at Maysville for Bravo’s Andy Cohen on Tuesday night.
Following his decision to install former Citigroup executive Michelle Peluso as Gilt’s new ceo, Ryan still retains an office at Gilt headquarters but also spends time running his other companies, the online news site Business Insider, which is profiled at length in this week’s New Yorker, and the open source database company 10gen, both of which he cofounded. “I start companies often in areas that I’ve never been in before…I don’t feel constrained by actually [not] knowing something,” he explained.
This story first appeared in the April 4, 2013 issue of WWD. Subscribe Today.
Gilt itself turned a profit in the fourth quarter of 2012, although its bottom line numbers are less rosy in the traditionally slower first quarter of 2013. “The company is fundamentally profitable now,” insisted Ryan, adding that he still sees Gilt on track for a 2014 initial public offering.