Fabric, a provider of automation solutions for retail fulfillment, today announced Curt Avallone has joined the company as co-CEO. Avallone will be based in the United States as the company focuses on expanding its operations globally, Fabric explained.
“I’m thrilled to be in a position to lead an organization that offers the best-in-class solution for local eGrocery needs,” Avallone said. “Fabric stands alone in the industry by providing automation solutions both purpose-made for grocery fulfillment and customizable to accommodate a grocer’s uniquely complex needs.”
Over the past 30 years, Avallone has collaborated to build new businesses that generate over $8 billion in annual sales and over 30,000 jobs. He launched successful eCommerce divisions at Ahold Delhaize, Giant Eagle, and CVS Pharmacy, as well as the HEB and Ahold Delhaize fueling divisions.
Longtime company executive Avi (Jack) Jacoby will remain with Fabric as co-CEO. Jacoby joined the company in 2018 as Chief of Staff, later became CEO of the Israel market, and then chief operating officer. He took over the CEO role in 2022.
“We have so much opportunity ahead of us, and I’m confident that Curt, with his experience building innovative solutions in retail and fulfillment automation, will guide Fabric through its next phase of growth,” Jacoby said. “I look forward to collaborating with him to empower grocers worldwide.”
Recent research from Harvard Business Review looked at 87 public companies whose leaders were identified as co-CEOs and found that those firms outperformed the relevant stock market index, Fabric noted. With co-CEOs in place, companies generated an average annual shareholder return of 9.5%—better than the average of 6.9% for each company’s relevant index. The study also found that nearly 60% of the companies led by co-CEOs outperformed and that co-CEO tenure was about the same as sole-CEO tenure (about five years, on average).
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