Drugstore.Com Founder To Join New Venture

SEATTLE - The founder of Bellevue-based drugstore.com, Jed Smith, is leaving the company for a new venture, drugstore.com announced today.

Smith, who served as president until being replaced by current President Peter Neupert, most recently served as the vice president for strategic partnerships. He is credited with securing financing from Silicon Valley venture-capital powerhouse Kleiner Perkins Caufield & Byers.

According to a July 28 filing, he holds 950,000 shares of stock - worth about $45 million at today's market price - although drugstore.com has the option to repurchase about 305,000 shares.

Drugstore.com also named Melinda French Gates and Martin Grass to its board of directors. Gates, a former Microsoft executive, is a founder of the William H. Gates Foundation and Gates Learning Foundation. She is married to Microsoft Chairman Bill Gates. Martin Grass is chief executive officer of Rite Aid, which owns a minority stake in drugstore.com.