NEW YORK Fusion Brands Inc., the manufacturer of LipFusion lip plumper under its FusionBeauty brand, has announced the retirement of CEO Randi Shinder and the sell of her remaining equity in the company.
Majority shareholder, Eugene Melnyk, has agreed to acquire Shinder's remaining stake in the company for an undisclosed amount, making him the sole owner of Fusion Brands Inc. and Fusion Brands International.
"After eight memorable years as founder and CEO of Fusion Brands Inc., I have decided to sell my remaining equity and take a well deserved break to spend more time with my family," stated Shinder. "This was a deeply personal decision that took months of contemplation. One of the hardest aspects of my decision was knowing I will be leaving a great team at Fusion Brands, as well as so many supportive industry colleagues that have been integral to my success."
The company is in the process of appointing a new CEO and expects to make an imminent announcement on Shinder's successor.
Melnyk acquired a 55% interest in Fusion Brands Inc. and Fusion Brands International in August 2006. Fusion Brands is responsible for the research and development, manufacturing, sales and marketing of the FusionBeauty and Clean product lines, which includes bath and body products as well as home fragrance.
"Randi is an exceptional entrepreneur who took Fusion Brands from a concept and in less than a decade transformed it into an industry leader," stated Melnyk. "On behalf of the entire team at Fusions Brands, I want to thank Randi for her leadership and congratulate her on the many corporate achievements and industry awards that are a true reflection of her personal drive, determination and creativity."