PFSweb Cuts Jobs, Dumps CEO

Allen, Texas-based PFSweb has swapped out its CEO, and is cutting jobs, the firm said Tuesday, as it reported its quarterly results. The provider of e-commerce services said that it has appointed Michael C. Willoughby as its new CEO, replacing Mark Layton, who the firm says is "leaving the company to pursue other business opportunities." As part of the move, the firm said that the firm is initiating headcount reductions and "organizational realignment" as a way to reduce operating costs throughout the company. Willoughby has been at PFSweb since 2001, having been President of the firm since September of 2010. The firm did not say how many jobs were lost at the company. The cuts came as the firm reported net revenues of $77.0M for the fourth quarter, down from $87.5M the firm had in the fourth quarter of 2011. For the year, the firm had revenues of $281.6M, compared with $298.8M in 2011. PFSweb helps clothing and other brands sell their products online via ecommerce.