BrandSource CEO Bob Lawrence to step down at end of 2014
TUSTIN, Calif. — BrandSource will soon be looking for a new CEO.
Bob Lawrence, who has run the buying group since 1994, said Friday that he will step down at the end of 2014. The move gives BrandSource 12 months to form a search committee and find Lawrence's successor.
"At this point, I feel that I've taken BrandSource as far as I can," Lawrence said in a press release. "I'm giving the board a full year to find someone to help move things forward. This will be a very smooth transition and there will be no interruption in daily business for BrandSource staff, vendors or members."
Under Lawrence's leadership, BrandSource has grown from under 600 to more than 4,000 members with over 10,000 member storefronts.
The growth has been attributed to popular member-supported programs spearheaded by Lawrence and his team, including the BrandSource Credit Card and BrandSource Financial, BrandSource Digital Marketing, LeaseSource and Expert Warehouse.
While most commonly thought of as an appliance and consumer electronics specialist, BrandSource also has become one of the largest retailers of furniture and mattresses in the United States, with 2012 sales in the categories estimated to be $3.3 billion.
In addition to its consumer website, BrandSource offers members support services including insurance plans, national advertising, and circular programs as well as charitable and corporate sponsorships including Ronald McDonald House Charities and John Force Racing.
Lawrence said he plans to continue serving on the board of Ronald McDonald House Charities. He said he'll continue supporting the BrandSource organization and its members for as long as it is needed.
"I'd like to make it very clear that I'm stepping down as CEO, but I'm not going anywhere," said Lawrence. "I intend to remain as involved as the new leadership wants me to be. I want to assure our members that this transition will be a positive one."
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