Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Lorrie Norrington is leaving for personal reasons, eBay says.
Lorrie Norrington, president of the eBay Marketplaces unit that accounts for the bulk of eBay sales, is leaving the company for personal reasons, eBay Inc. announced today.
While eBay searches outside of the company for a successor, the Marketplaces division will be under the direction of eBay CEO John Donahoe.
Norrington has led eBay Marketplaces since 2008 and has been with eBay since 2005. Sources familiar with the decision say it involved the health of a family member. Norrington will leave on March 3 and receive $695,000 in severance, according to an eBay filing with the U.S. Securities and Exchange Commission.
“Lorrie has led eBay Marketplaces through significant fundamental change as we drive a multiyear turnaround strategy to enhance the shopping experience for buyers and sellers and evolve eBay as a global e-commerce and mobile commerce leader,” Donahoe says. “For personal family reasons, Lorrie made a decision to do what’s best for eBay and for her family, and I respect that. I wish her the very best and thank her for many contributions to our company and our nearly 92 million active eBay users.”
Scot Wingo, CEO of ChannelAdvisor Corp., which helps merchants sell on eBay and other marketplaces, said he hopes eBay ends up hiring Norrington's replacement from within. "The eBay marketplace is a complex business and eBay can't afford the delays caused by bringing someone new up to speed," he says.
EBay also announced today that it expects its third quarter results to be near the high end of the guidance the company provided July 21. EBay will report its third quarter financial results Oct. 20.