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BOSTON - Wayfair Inc. (NYSE:W) has appointed Hal Lawton, president and CEO of Tractor Supply Company, to its board of directors effective November 6, the online home goods retailer announced Friday. The appointment comes as Wayfair's stock has demonstrated remarkable momentum, with a 148% price return over the past year and an impressive 224% gain over the last six months, according to InvestingPro data.
Lawton has served as CEO of Tractor Supply Company since 2020, where the company has achieved record performance under his leadership, according to a company press release.
"Hal brings extensive leadership experience and a remarkable record of success in the retail industry," said Niraj Shah, co-founder, co-chairman and CEO of Wayfair.
Prior to his current role, Lawton served as president of Macy's and held senior executive positions at eBay and Home Depot. He holds dual bachelor's degrees in Chemical Engineering and Pulp and Paper Science Technology from North Carolina State University and an MBA from the University of Virginia's Darden School of Business.
"I'm honored to join Wayfair's board of directors," Lawton said in the statement. "I look forward to partnering with the board and leadership team to help advance the company's objectives and long-term success."
Wayfair, which describes itself as "the destination for all things home," operates multiple brands including AllModern, Birch Lane, Joss & Main, Perigold, and Wayfair Professional.
In other recent news, Wayfair Inc. announced a private offering of $700 million in senior secured notes due 2032, with the offering expected to close on November 7, pending customary conditions. The proceeds from this offering will be used to purchase portions of its outstanding convertible senior notes due in 2027 and 2028 and for general corporate purposes. Moody's Ratings downgraded Wayfair's senior secured notes to B2 from B1, reflecting the company's shift to secured debt, while affirming its B3 corporate family rating. Meanwhile, S&P Global Ratings revised its outlook on Wayfair to positive from stable, citing stronger-than-expected financial performance and maintaining a 'B+' issuer credit rating. S&P also assigned a 'BB-' rating to the new senior secured notes. RBC Capital raised its price target for Wayfair to $86 from $51, following the company's third-quarter results, which showed an 8.1% increase in net sales and a contribution margin of approximately 15.8%. These developments highlight the company's ongoing financial adjustments and market performance.
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