Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Thomas McInerney worked with IAC when it spun off HSN into an independent company.
IAC/InterActive Corp., parent of Shoebuy.com, will lose its chief financial officer within the next few months, the company announced this week. Thomas J. McInerney took over as chief financial officer in 2005 after serving as CEO of the company’s retailing unit for two years before that. He says he wants to spend time with his family before starting new but unspecified challenges.
Besides Shoebuy.com, No. 87 on Internet Retailer’s Top 500 Guide, IAC also owns numerous other web properties, including search engine Ask.com, comparison shopping engine Pronto.com and dating site Match.com. It was during his time as CEO that HSN, then a subsidiary of the IAC retailing unit, acquired Cornerstone Brands and more than doubled its e-retail holdings from five to 12. Cornerstone Brands e-retail properties include Garnet Hill, TravelSmith and Frontgate. IAC spun off HSN and Cornerstone Brands into an independent company in 2008. HSN Inc. is now No. 26 in the Top 500 Guide.
Barry Diller, chairman of IAC, applauded McInerney’s work. “I wish I could stand in his way, as his value to IAC has been incomparable, but it is with total respect for his ability, trustworthiness and decency that I cheer Tom on as his desire to move beyond his current position becomes a reality,” he says.
McInerney was the keynote speaker at the Internet Retailer Conference & Exhibition in 2006.