In its second-largest acquisition, Amazon buys the company for $970 million.
Mike Sorabella takes over for Scott Savitz, who resigned Monday.
A day after its previous CEO resigned, Shoebuy.com has a new leader. Effective immediately, Mike Sorabella steps up to the CEO spot; between 2004 and 2010 he was the retailer's chief financial officer. He replaces Scott Savitz, who was CEO since the retailer’s founding in 1999.
During Sorabella’s tenure as chief financial officer, he led the due diligence and integration process of Shoebuy’s 2006 acquisition by InterActiveCorp., or IAC. He also worked as chief financial officer for Shoebuy.com Europe Ltd., the footwear, apparel and accessory retailer’s United Kingdom subsidiary. He also held the chief financial officer job at online flowers and gifts retailer Floraflora.com, a company that was co-founded by Shoebuy.com, which also holds a majority stake in the firm.
"Shoebuy has experienced solid growth in the years since its launch and acquisition by IAC, making it one of the leading footwear sites in the country today," says Greg Blatt, CEO of IAC. "Mike Sorabella was instrumental in driving much of that growth. His history of results, coupled with his passion for the industry, make him the right leader to work alongside the outstanding senior management team we have in place to drive continued growth in the business and to further Shoebuy's expansion both internationally and into other adjacent markets."
Savitz has not said where he will work next. Shoebuy.com is No. 87 in the Internet Retailer Top 500 Guide.