Automated micro-fulfillment company Fabric has named Curt Avallone to serve as co-CEO of the company alongside CEO Avi “Jack” Jacoby, the company said on Monday.
Avallone has launched ecommerce divisions at Ahold Delhaize, Giant Eagle, CVS Pharmacy, and the fueling divisions of Texas-based regional grocer H-E-B and Ahold Delhaize, according to a Fabric press release.
Fabric noted that Avallone’s business collaborations over the last 30 years resulted in businesses that generate over $8 billion in annual sales and have created more than 30,000 jobs.
Jacoby first joined Fabric in 2018 as chief of staff, before becoming CEO of the Israel market, ultimately promoted to COO and then CEO,
Jacoby will remain as a CEO along with Avallone.
Fabric said in its press release that companies with co-CEOs generate an average annual return of 9.5% compared to the average 6.9% from those with a single CEO, according to research from Harvard Business Review.
