It has been revealed that Thrasio’s CEO, Greg Greeley, plans to step down, along with five other top executives. Chief Operating Officer Stephanie Fox will succeed Greeley as CEO.

In a letter to his colleagues, Greeley stated, “The projected revenue trajectory from the brands in our portfolio does not support our current operating expenses and future interest payments. We’ve restructured our debt to pave the way toward profitability, and we must further reduce expenses to ensure Thrasio can meet its financial obligations and continue serving customers effectively.”

Thrasio is also selling some of its smaller or more complex brands to close cash flow gaps. However, Greeley noted that the company generated positive cash flow in the first quarter.

Thrasio, which holds a portfolio of over 200 brands, until quite recently a global leader in next-generation consumer products. The company raised $3.4 billion in equity and debt from major investors like Goldman Sachs, BlackRock, and JPMorgan Chase, reaching a peak valuation of nearly $10 billion in 2021.

Thrasio’s challenges emerged as e-commerce demand waned in the post-pandemic period. In February, the company initiated debt restructuring procedures.

We are closely monitoring Thrasio’s actions during this difficult period.