ThredUp Inc. Board Member Jack Lazar to Step Down in May

OAKLAND, CA - ThredUp Inc. (NASDAQ:TDUP), a retail-catalog and mail-order house, announced on Monday that board member Jack Lazar plans to resign from his position, effective after the company’s annual stockholders meeting scheduled for May 21, 2025. The news comes as per the company’s recent 8-K filing with the Securities and Exchange Commission.

Lazar, who has been part of ThredUp’s board for over seven years, will continue his duties until the 2025 Annual Meeting. According to the filing, his departure is not due to any disagreements with the company’s operations, policies, or practices. ThredUp expressed gratitude for Lazar's contributions and wished him well in future endeavors.

The company has not yet announced a successor for Lazar’s position on the board.

This change in ThredUp’s board composition occurs as the company navigates the competitive e-commerce landscape. ThredUp, headquartered in Oakland, California, specializes in retailing secondhand clothing, an industry that has seen significant growth in recent years.

Investors and market watchers will be looking forward to seeing how this transition will impact ThredUp's strategic direction and governance. The company's stock, listed on The Nasdaq Stock Market LLC and the Long-Term Stock Exchange, will continue to be monitored for any shifts in investor sentiment following this announcement.

The information reported is based on a press release statement.

In other recent news, ThredUp Inc reported its fourth-quarter 2024 earnings, highlighting a miss on both earnings per share (EPS) and revenue expectations. The company posted an EPS of -$0.19, falling short of the forecasted -$0.13, while revenue reached $67.3 million, slightly below the anticipated $68.58 million. Despite these misses, ThredUp achieved a 9.5% year-over-year revenue growth and improved its gross margin to 80.4%, an increase of 290 basis points. Analysts from firms such as Wells Fargo (NYSE:WFC) and William Blair noted the company's mixed performance, emphasizing the challenges in profitability and a 6% decline in active buyers. ThredUp is projecting 2025 revenue between $270 million and $280 million, with plans to maintain a gross margin of 77-79% and achieve flat adjusted EBITDA compared to 2024. Additionally, the company is focusing on leveraging AI technology to enhance the shopping experience and improve customer retention. ThredUp's management expressed confidence in achieving positive free cash flow in 2025, despite external economic pressures like inflation and tariffs.

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