American Express Hires Googler as CEO for Flash Sales Joint Venture

Published on July 27, 2011
by Tricia Duryee, a French-owned flash sales site with about 13 million members and more than $1 billion in European sales, has formed a joint venture with American Express to enter the U.S., and today it appointed former Google executive Mike Steib as CEO.

At Google, Steib was most recently Director of Video Advertising for the Americas region, and before that had led Google’s Americas business teams for its emerging ad products, including Mobile Ads, Local Ads and Commerce.

The joint venture is expected to launch late this year, and, like its counterpart in France, will offer designer apparel at low prices for limited amounts of time to people who sign up for a free membership.

Back in May, when the joint venture was announced, the two companies said they will be equal partners, but the terms of the deal were not disclosed, such as the size of the investment or the kinds of resources the companies would be required to contribute.

In the U.S., the company will be competing against other flash sales sites, such as Gilt Groupe, Rue La La and ideeli.

Before joining Google, Steib was the General Manager of Strategic Ventures at NBC Universal, and also served a stint as VP in the NBC Corporate Development group.

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