Spokane Valley-based Kaspien appoints new interim CEO; Kunal Chopra no longer with the company

Kaspien Holdings Inc. announced Monday it has appointed a new interim CEO following Kunal Chopra’s separation from the company.

Kaspien said in a news release it named senior finance executive and organizational leader Brock Kowalchuk interim CEO of the Spokane Valley-based company. Kowalchuk filled the new role Friday..

Kowalchuk joined Kaspien in September 2018 as senior vice president of finance. He was promoted to chief financial officer in January 2020.

Prior to joining Kaspien, Kowalchuk was employed with Goldman Sachs for more than seven years, with roles in trading, funding and finance, according to the news release.

Founded in 2008, Kaspien offers software and services to help brands grow on online marketplaces including Amazon, Walmart, Google Shopping, Target and eBay.

“I’m honored to be entrusted with this responsibility and believe fully in Kaspien’s value to our partners because of our incredibly talented people,” Kowalchuk said in a statement. “Kaspien has a strong and proud heritage. We have the right team, tools, and over a decade of sales data to take the company to the next level. I’m looking forward to sharing more about our updated strategic focuses in the near future.”

Kaspien’s board of directors will conduct a search of internal and external candidates to replace Chopra, according to a filing with the U.S. Securities and Exchange Commission.

The company intends to enter a separation agreement with Chopra and will provide a brief description of the terms and conditions of that agreement in an amended filing with the SEC.

“I have full faith in Brock’s stewardship abilities to lead the company,” Tom Simpson, Kaspien board member and co-founder of the company, said in a statement. “Brock knows Kaspien and our partners inside and out, and his financial and operational acumen are unmatched. … Brock brings the right combination of vision, pragmatism, and humanity needed to drive a relationship-centric business such as ours.”

Simpson declined to provide additional comment on Chopra’s separation from the company.

A Kaspien spokesperson was not immediately available for comment.

Kaspien builds and uses proprietary technologies for brand protection, marketing optimization and fulfillment efficiency to generate revenue growth for brands.

Chopra, who has several years of executive level experience with Microsoft, Amazon and Groupon, assumed the role of CEO for Kaspien – then known as etailz – and its parent company Kaspien Holdings Inc. in 2019.

In 2020, he led the company’s rebranding to Kaspien, reflecting its growth into a retailer, e-commerce agency and software provider.

The company hit a $1 billion milestone in sales last year as it benefited from an increase in online shopping during the coronavirus pandemic, with gains in net revenue, gross-merchandise value and gross-profit gains.