Appoints Vijay Talwar Interim CEO
Chairman Mark Vadon Heads Search for Permanent CEO
SEATTLE, Nov. 8, 2011 (GLOBE NEWSWIRE) -- Blue Nile (Nasdaq:NILE), the leading online retailer of diamonds and fine jewelry, today announced that Diane Irvine, Chief Executive Officer, President and Director has resigned from the Company, effective November 11, 2011.
Vijay Talwar, Senior Vice President and General Manager of International, has been appointed interim Chief Executive Officer. During the transition period, Chairman Mark Vadon will take an active role in the leadership of the company, working closely with Talwar. With the support of the Board, Vadon will also lead the search for a permanent CEO.
"Diane has been with Blue Nile since its formation and we wish her well in her future endeavors," said Vadon. "Diane has worked with me on the business since 1999. She has been a tremendous business partner, making countless contributions in her 12 years at Blue Nile. During Diane's tenure as CFO and CEO, the company has grown sales from $14 million to over $300 million and has become one of the world's largest fine jewelers."
Mr. Talwar joined Blue Nile in August 2010, as Senior Vice President and General Manager of International. From November 2010 to August 2011, Mr. Talwar also served as Blue Nile's Chief Financial Officer. Prior to Blue Nile, he served as Chief Executive Officer of the William J. Clinton Foundation in India, where he provided strategic, financial and operational leadership across health care and sustainability programs in India and South Asia. Before joining the Clinton Foundation, Mr. Talwar was at Nike, where he held a number of executive leadership positions, including Chief Operating Officer for Nike CEMEA (Central Europe, Middle East and Africa) based in Amsterdam, The Netherlands from 2007 to 2008, and Senior Director of Strategy and Finance for Nike Global Apparel from 2003 to 2007. Prior to Nike, Mr. Talwar was a consultant at Bain & Company in San Francisco and Chicago. Mr. Talwar holds an M.B.A from the University of Chicago, a Master in Accountancy from Miami University, and a B.A. in Accountancy from the University of Findlay.
"Serving both as the head of international operations and as the company's Chief Financial Officer, Vijay has developed a deep understanding of the Blue Nile business," continued Vadon. "Further, his strong branding experience makes him ideally suited to lead the company's daily operations during this transition period."
Forward-Looking Statements
This press release contains forward-looking statements that include risks and uncertainties, including, without limitation, all statements related to future financial and business performance, market opportunity and plans to grow our business. Words such as "expect," "anticipate," "believe," "project," "will" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to general economic conditions, our fluctuating operating results, seasonality in our business, our ability to acquire products on reasonable terms, our online business model, demand for our products, our ability to attract customers in a cost effective manner, the strength of our brand, competition, fraud, system interruptions, our ability to fulfill orders and other risks detailed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended January 2, 2011. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended October 2, 2011, which we expect to file with the Securities and Exchange Commission on or before November 14, 2011. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Blue Nile undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.
About Blue Nile, Inc.
Blue Nile, Inc. is the leading online retailer of diamonds and fine jewelry. The Company delivers the ultimate customer experience, providing consumers with a superior way to buy engagement rings, wedding rings and fine jewelry. Blue Nile offers in-depth educational materials and unique online tools that place consumers in control of the jewelry shopping process. The Company has some of the highest quality standards in the industry and offers thousands of independently certified diamonds and fine jewelry at prices significantly below traditional retail. Blue Nile can be found online at www.bluenile.com, www.bluenile.ca and www.bluenile.co.uk. Blue Nile's shares are traded on the Nasdaq Stock Market LLC under the symbol NILE.
The Blue Nile, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9579