Shipt Founder Leaves. Now what?
The Birmingham-based grocery delivery company Shipt announced its founder and CEO Bill Smith is stepping down. And that’s not a bad thing for the region, according to Ross Baird, who started a venture capital firm and is an innovator-in-residence with the Missouri-based Kauffman Foundation.
It’s normal for startup founders to leave, Baird says.
“There are people who are really drawn to building things and I think that there are people who are really drawn to running and managing large organizations,” Baird says. “They’re very different skillsets.”
Baird says a transition requires employees to take “ownership” to figure out where to steer the company after a founder leaves. He says sometimes employees are good at executing a plan, but they struggle to develop a vision for the next generation of the business.
One common pitfall for a founder is managing the corporate relationship after stepping down.
“Having your foot halfway in the thing that you built and the next thing you’re going to build is a really tricky balance,” Baird says.
A statement from Shipt says Smith will remain an advisor to the company, but stepping down as CEO will allow him to get back to his passion of building “early stage companies.”
“Never having met Bill but really admiring what he’s done, I’d be really excited to see what he does in his next chapter,” Baird says.
Smith will be replaced by Kelly Caruso, who has spent more than 25 years in the retail industry, most recently as an executive with Target. She told the Birmingham Business Journal she plans to continue with the company’s aggressive growth plan. Shipt was founded in 2014. Three years later, the startup was acquired by Target for $550 million dollars. It’s the most high-profile success story from Birmingham’s burgeoning tech startup community.
Alabama regulators approve two-year electric rate freeze and two solar projects for a Meta data center
Critics say the rate freeze will only delay financial burdens on Alabama Power customers while preserving a high profit rate for the utility.
Auburn tabs USF’s Alex Golesh as its next coach, replacing Hugh Freeze on the Plains
The 41-year-old Golesh, who was born in Russia and moved to the United State at age 7, is signing a six-year contract that averages more than $7 million annually to replace Hugh Freeze. Freeze was fired in early November after failing to fix Auburn’s offensive issues in three seasons on the Plains.
Alabama Power seeks to delay rate hike for new gas plant amid outcry
The state’s largest utility has proposed delaying the rate increase from its purchase of a $622 million natural gas plant until 2028.
Former U.S. Sen. Doug Jones announces run for Alabama governor
Jones announced his campaign Monday afternoon, hours after filing campaign paperwork with the Secretary of State's Office. His gubernatorial bid could set up a rematch with U.S. Sen. Tommy Tuberville, the Republican who defeated Jones in 2020 and is now running for governor.
Scorching Saturdays: The rising heat threat inside football stadiums
Excessive heat and more frequent medical incidents in Southern college football stadiums could be a warning sign for universities across the country.
The Gulf States Newsroom is hiring an Audio Editor
The Gulf States Newsroom is hiring an Audio Editor to join our award-winning team covering important regional stories across Mississippi, Alabama and Louisiana.
