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Fabric Appoints Curt Avallone as Co-CEO Alongside Current CEO Avi (Jack) Jacoby

March 25, 2024 7:00 AM EDT
  • Avallone brings over 30 years of executive experience in grocery, pharmacy and mass merchandise, including roles at H-E-B, Ahold Delhaize, CVS and more
  • Fabric is accelerating its global outreach, empowering grocers worldwide with advanced solutions to enhance their operations and competitiveness in the rapidly evolving eGrocery landscape
  • Fabric's unparalleled combination of cutting-edge hardware and software offers unique technology and future-ready features tailored specifically for eGrocery and local fulfillment

NEW YORK--(BUSINESS WIRE)-- Fabric, the technology company reshaping retail fulfillment, today announced Curt Avallone has joined the company as Co-CEO. Avallone will be based in the United States as the company focuses on expanding its operations globally.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240325411728/en/

Fabric Appoints Curt Avallone as Co-CEO (Photo: Business Wire)

Fabric Appoints Curt Avallone as Co-CEO (Photo: Business Wire)

“I’m thrilled to be in a position to lead an organization that offers the best-in-class solution for local eGrocery needs,” Avallone said. “Fabric stands alone in the industry by providing automation solutions both purpose-made for grocery fulfillment and customizable to accommodate a grocer’s uniquely complex needs.”

Over the past 30 years, Avallone has collaborated to build new businesses that generate over $8 billion in annual sales and over 30,000 jobs. He launched successful eCommerce divisions at Ahold Delhaize, Giant Eagle, and CVS Pharmacy, as well as the HEB and Ahold Delhaize fueling divisions.

Longtime company executive Avi (Jack) Jacoby will remain with Fabric as co-CEO. Jacoby joined the company in 2018 as Chief of Staff, later became CEO of the Israel market, and then chief operating officer. He took over the CEO role in 2022.

“We have so much opportunity ahead of us, and I’m confident that Curt, with his experience building innovative solutions in retail and fulfillment automation, will guide Fabric through its next phase of growth,” Jacoby said. “I look forward to collaborating with him to empower grocers worldwide.”

Recent research from Harvard Business Review looked at 87 public companies whose leaders were identified as co-CEOs and found that those firms outperformed the relevant stock market index. With co-CEOs in place, companies generated an average annual shareholder return of 9.5%—better than the average of 6.9% for each company’s relevant index. The study also found that nearly 60% of the companies led by co-CEOs outperformed and that co-CEO tenure was about the same as sole-CEO tenure (about five years, on average).

About Fabric
Fabric is a world-class automated fulfillment solution that enables retailers to achieve profitable e-commerce fulfillment with high-throughput and high-density automation. Our automated fulfillment solution combines state-of-the-art hardware and software meticulously designed through years of experience operating e-commerce and grocery sites. Through technology and vast experience, Fabric ensures that each aspect of the fulfillment process, from inbound to outbound, is optimized to rival the harmonious performance of a symphony. With Fabric, retailers gain the tools they need to stay ahead in the rapidly evolving e-commerce landscape and unlock business value to meet customers wherever and whenever they are. Fabric: Mastering the Fulfillment Symphony.

Fabric was established in 2015 and has raised $375 million from leading investor partners, including Temasek, Corner Ventures, Union Tech Ventures, Playground, Innovation Endeavors & Aleph. Fabric has its headquarters in Tel Aviv, with a main office in New York and teams throughout the United States and the EU. For more information, visit getfabric.com.

Media Contact
Treble
Matt Grant
[email protected]

Source: Fabric



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