This looks ugly. Red Envelope, the online gift retailer which has struggled since going public in 2004, has been taken over by one of its investors. The CEO, Ken Constable, is out — with no successor lined up for the position. The company has papered over the management gap by dividing executive responsibilities between its board chairman and chief operating officer. But that's an ad-hoc move that indicates Constable's departure was unplanned. Anyone know the dirt?
