PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Following the Nov. 1 spin-off completion Robert Apatoff will be FTD’s president and CEO
Over a year after announcing its plan to spin off FTD Companies Inc., United Online Inc. announced a new leadership structure to take effect on completion of the process on Nov. 1. At that time, Robert S. Apatoff becomes president and CEO of FTD Companies.
Apatoff has been president since joining FTD in 2008 after the web florist was acquired by United Online in a deal valued at $754 million. United Online made the announcement after the U.S. Securities and Exchange Commission declared last week that the FTD Companies’ registration statement was effective, formally establishing the business as a public company.
Following completion of the spin-off, FTD, No. 85 in Internet Retailer’s 2013 Top 500 Guide will be an independent, publicly traded company on the NASDAQ stock exchange, using the symbol FTD. The FTD Companies’ business will include the domestic and international operations of United Online’s FTDand Interflorabrands, both supported by about 40,000 flower shops worldwide. United Online will continue to operate its other businesses, including social networks Classmates and StayFriends, online loyalty marketing firm MyPoints, and Internet service providers NetZero and Juno.
United Online’s chairman, president and CEO, Mark R. Goldston, will leave the company on completion of the spin-off of FTD, as previously announced. On Nov. 5 Francis Lobo will become president and CEO of United Online and a member of its board of directors. Lobo has served in various executive roles at AOL over the past nine years, most recently as president of AOL Services, which included the management of AOL.com, AOL Mail, AOL Search, AIM and MapQuest.
United Online’s board approved the separation of FTD through a tax-free dividend involving the distribution of all FTD common stock held by United Online to United Online’s stockholders on Nov. 1. United Online’s board of directors also will implement the previously announced one-for-seven reverse stock split of shares of United Online common stock immediately prior to the spin-off.