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Internet Grocer Names Chairman FreshDirect, the rapidly growing Internet grocer, has named a former executive of Citicorp and Priceline as its chairman, signaling that it may be looking toward an initial public offering. The new chairman, Richard S. Braddock, 63, was chairman and chief executive of Priceline, the online travel Web site, before and during its initial public offering in 1999. In an interview, Mr. Braddock declined to say whether a public offering was on the horizon, but he did say that exploring financing options would be a priority of his. FreshDirect, founded in 1999, has become a popular source of both groceries and prepared food for many New York City apartment dwellers. Mr. Braddock said that FreshDirect had annual revenue of more than $150 million and that it was taking in more cash than it was spending. Sales are growing at 30 percent a year, he said. FreshDirect is faring far better than did Webvan, the pioneering online grocer that ran through more than $1 billion before collapsing. "They had free capital and spent it as such," said Mr. Braddock, who was the president of Citicorp, the predecessor to Citigroup, from 1990 to 1992. He said that FreshDirect had found ways to be more efficient than Webvan was and that it was being much more cautious in its growth. News Sourcehttp://www.nytimes.com
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