AuctionDrop appointed George Northup President and CEO, replacing co-founder Randy Adams. AuctionDrop had appointed Northup Chief Financial Officer in January. The company launched in 2003 and raised $6.5 million to fund its plans to open a nationwide network of eBay drop-off stores, subsequently changing its model after entering into an agreement with the UPS Stores.
Northup replaces serial entrepreneur and co-founder, Randy Adams, who successfully founded and sold five previous early-stage companies. "AuctionDrop is now exiting its start-up phase," said Adams. "I wanted to allow every opportunity for success in this next growth stage by bringing in an executive who is highly experienced at driving a company to profitability." Adams will have an emeritus advisory role at AuctionDrop.
Northup, formerly chief financial officer of AuctionDrop, has more than 20 years of in-depth operating experience in building technology companies into durable and profitable entities with successful exits. He has also raised over $400 million through IPOs and venture capital financing. AuctionDrop said he will leverage his successful track record of managing growth to develop AuctionDrop's core business and drive the company to profitability.
"AuctionDrop has led the evolution of the drop-off service since its inception," said Heidi Roizen, managing director at Mobius Venture Capital. "Randy Adams had the vision to see the opportunity and the drive to create this market-leading enterprise from scratch."
http://www.auctiondrop.com
