Last week Vancouver-born Cymax Group announced that they were being renamed Cymax Group Technologies, to better reflect their ambitious vision for the future of e-commerce.
This week Cymax Group Technologies announced the appointment of three new directors to its board to help the home furniture retailer fulfill on that vision.
Rob Williams, Sarah Kavanagh, and Eric Patel will be joining incumbent board members investors Markus Frind (Frind Properties) and Andrew Lugsdin (Framework Venture Partners), and Cymax CEO Rizwan Somji.
“I’m absolutely thrilled to welcome Rob, Sarah and Eric to the Cymax Group board of directors,” said Riz Somji, CEO of Cymax Group.
“Each brings with them a wealth of experience and perspective gathered over many years of success across commerce, technology and finance sectors. We look forward to tapping into their expertise, as we continue to execute on our growth strategy and drive value for our shareholders.”
Williams is a global e-commerce consultant, with a 25-year career in e-commerce, retail and SaaS operations that include leadership roles at Best Buy and a decade at Amazon. As a board member with Lightspeed POS, Williams helped guide the company to a successful IPO.
Kavanagh brings expertise in corporate financial management, investment banking, and capital markets. She has served as a director on numerous public and crown agency boards and in 2015, was named to WXN’s Canada’s Top 100 Most Powerful Women.
Patel brings with him 17 years of board experience across private and public companies in multiple sectors, including the recently acquired Galvanize and Mobify. He has been recognized as an NACD Distinguished Board Fellow and was formerly chief financial officer of Crystal Decisions (acquired by Business Objects and, subsequently, SAP).
Markus Frind, Cymax’s lead investor, commented, “I’m proud of the success Cymax Group has achieved and look forward to working with our new board members to realize the company’s full potential.”
Significant year-over-year growth in the first quarter of 2021, following a year of historical increases in sales and profit in 2020 is a reflection of the company’s dramatic organizational transformation that began when Somji was named chief operating officer in 2018 and and then appointed CEO in 2019.
Late last year Techcouver reported that Cymax was exploring going public as early as spring 2021. As seasons change this month it appears that those plans have been postponed but these board appointments point to an IPO still being in the forecast.
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