AUSTIN, Texas - BigCommerce Holdings, Inc. (NASDAQ:BIGC), a leading software-as-a-service (SaaS) ecommerce platform, announced the appointment of Travis Hess (NYSE:HES) as its new Chief Executive Officer. The change in leadership comes as Brent Bellm steps down from his role as CEO and Chairman of the Board. Effective immediately, Hess, who joined the company as President in May 2024, will also serve as a director, filling the vacancy left by Bellm's departure.
Ellen Siminoff, a current member of the board, has been appointed as the Executive Chair of the Board. In the announcement, BigCommerce highlighted Hess's extensive experience in the ecommerce sector, including senior roles at global commerce agencies and consultancies. Notably, Hess led Accenture (NYSE:ACN)'s direct-to-consumer commerce offering and managed its global Shopify (NYSE:SHOP) partnership.
Brent Bellm expressed his pride in the company's achievements during his tenure and confidence in Hess's ability to guide BigCommerce through its next growth phase. Ellen Siminoff echoed this sentiment, citing the evolving market and Hess's leadership as key to staying competitive and delivering value to customers.
Travis Hess shared his enthusiasm for the opportunity to lead BigCommerce, emphasizing the company's strong customer base, employee and partner relationships, and the significant growth potential ahead.
In conjunction with the leadership transition, BigCommerce reaffirmed its financial guidance for the third quarter of fiscal 2024, as previously outlined on August 1, 2024.
BigCommerce serves a diverse range of B2C and B2B companies worldwide, offering them an open SaaS platform that combines enterprise-grade functionality with ease of use. The company supports businesses in over 150 countries, including notable brands such as Burrow, Coldwater Creek, and Francesca's.
The information regarding the executive changes at BigCommerce is based on a press release statement from the company.
In other recent news, BigCommerce Holdings, Inc. reported steady growth in its earnings for the second quarter of 2024. The company's revenue neared $82 million, marking an 8% year-over-year increase, and achieved an adjusted EBITDA of $3 million. BigCommerce also projected its Q3 revenue to be between $82 million and $84 million, with full-year revenue expectations ranging from $330.2 million to $335.2 million.
Analysts at KeyBanc maintained their Sector Weight rating on BigCommerce, emphasizing the company's targeted sales and marketing strategies. The firm, however, is awaiting further developments in go-to-market strategies and improvements in net dollar retention. Similarly, Oppenheimer maintained its 'Perform' rating on BigCommerce, acknowledging the company's growth potential despite existing challenges influenced by the macroeconomic environment.
Other recent developments include BigCommerce's focus on B2B growth, the introduction of new multi-geographical functionality, and a strategy to leverage its partner community. The company's efforts to streamline its approach to the market and enhance its platform's capabilities aim to better serve its partners and clients. These developments reflect BigCommerce's commitment to driving efficient growth and increasing margins.
InvestingPro Insights
As BigCommerce Holdings, Inc. (NASDAQ:BIGC) undergoes this significant leadership transition, investors should consider some key financial metrics and insights from InvestingPro.
The company's market capitalization stands at $442.41 million, reflecting its current position in the e-commerce platform market. Despite the leadership change, BigCommerce maintains impressive gross profit margins of 76.49% for the last twelve months as of Q2 2023, showcasing its ability to efficiently convert revenue into profit. This aligns with an InvestingPro Tip highlighting the company's "impressive gross profit margins."
However, investors should note that BigCommerce is currently trading near its 52-week low, with a significant price decline of 26.89% over the past three months. This recent performance may reflect market uncertainties or challenges that the new CEO, Travis Hess, will need to address.
An InvestingPro Tip indicates that analysts predict the company will be profitable this year, which could be a positive sign for the new leadership team. However, it's worth noting that seven analysts have revised their earnings downwards for the upcoming period, suggesting some caution in short-term expectations.
For those interested in a deeper analysis, InvestingPro offers 8 additional tips for BigCommerce, providing a more comprehensive view of the company's financial health and market position.
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