Gilt Groupe names chief executive

Online designer flash-sale website Gilt Groupe has announced the appointment of board

member and Citigroup Inc Internet executive Michelle Peluso as chief executive officer.

In a move to prepare the e-commerce retailer for a possible initial public offering, Peluso will replace Gilt’s founder and current CEO, Kevin Ryan in February, 2013. Ryan will become chairman and Susan Lyne will become Vice Chairman.

Commenting on Peluso’s appointment, Ryan said: "Michelle's deep Internet experience, coupled with her operating and marketing background, made her my ideal choice to be Gilt's CEO going forward.

"We have worked together for three years as fellow Board members and I am thrilled she will be leading Gilt to its next level of growth and market leadership."

Lyne, added: "We have had the opportunity to get to know Michelle as a Board member and her insight and strategic advice have been invaluable. She has a clear vision for Gilt and the Board and I are confident in her leadership and excited about the many opportunities ahead."

Launched in December 2007, Gilt introduced flash-sales to the American marketplace, and now every day at noon EST, the e-tailer launches new, limited-time sales from brands in fashion, home décor and leisure.