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.
Argentina’s President Milei faces a political reckoning in midterm elections
Argentina's libertarian president, Javier Milei, faces midterms amid economic chaos and a $20 billion lifeline offer from President Trump.
What killed Napoleon’s army? Scientists find clues in DNA from fallen soldiers’ teeth
In 1812, hundreds of thousands of men in Napoleon's army perished during their retreat from Russia. Researchers now believe a couple of unexpected pathogens may have helped hasten the soldiers' demise.
Boston bar stirs outrage with its mobster mugshots as decor
Neighbors say the restaurant is glorifying people like mob boss Whitey Bulger and Stephen "The Rifleman" Flemmi. The bar's owners say they're only recognizing the history of their place.
Inflation rose less than expected in September, the U.S. belatedly reports
The federal government recalled some furloughed workers specifically to produce the inflation report, which plays a key role for Social Security beneficiaries.
This is not your grandmother’s ‘Hedda’
Tessa Thompson schemes, manipulates and awes in Nia DaCosta's dazzling adaptation of Hedda Gabler.
Boo to spooky chocolate prices! It’s the year of chewy, fruity Halloween treats
Sales of non-chocolate candy are growing faster than those of chocolate. With cocoa in shortage, manufacturers are changing pack sizes, adding fillers and dipping candy in "white creme."
