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NEW YORK CITY -- Former chairman and c.e.o. of Priceline.com, Richard S. Braddock, stepped from behind the scenes at FreshDirect here to be appointed chairman of the online grocer yesterday. Braddock replaces founding shareholder Peter Ackerman, who will remain on the board. In addition, Braddock increased his personal investment in the company.
"Rick has made a significant impact in the marketplace over his 40 years in business," said Ackerman. "From his years at Citicorp, to his leadership of numerous consumer businesses, to bringing Priceline.com public, Rick has a true wealth of experience that will benefit FreshDirect tremendously. The fact that he is willing to step up his involvement and investment in FreshDirect is testament to the quality of our model and the significant market opportunity ahead of us."
Braddock started his career at General Foods in 1965, spending 10 years in packaged goods marketing. He then spent 19 years at Citibank running its worldwide consumer effort and served as president from 1990-1992. From there he worked in a variety of consumer categories including assignments as c.e.o. of Medco Containment, Acting c.o.o. of Lotus, and chairman of True North Communications. He joined Priceline.com as chairman and c.e.o. in 1998, retiring in 2004. Braddock is currently chairman of MidOcean Partners, a private equity firm, and is also a director on the boards of Kodak, Cadbury Schweppes, and Marriott International.
"I've been involved with FreshDirect for over a year, as an investor and director," said Braddock. "This is one of the very best Internet models I have seen, both in terms of customer relevance and financial attractiveness. I chose to increase my involvement with the company because I love the business and I think it has great growth potential. Over the past year I've developed a deep respect for the FreshDirect team and am looking forward to helping them succeed."
Dean Furbush, FreshDirect c.e.o. added, "We're thrilled to have Rick take over as chairman. His leadership and business acumen will be extremely important as we scale our operation towards even greater success."