Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
He co-founded the parent of RitzCamera.com, which is now in bankruptcy.
Fred H. Lerner, a prominent online retailing executive for more than a decade, has resigned as president and CEO of Ritz Interactive Inc., which filed for bankruptcy in August.
Lerner says his resignation takes effect this Friday, Jan. 6.
He did not immediately comment on the reasons for his departure or his plans.
Ritz Interactive, which Lerner co-founded in 1999, operated more than a dozen e-commerce sites at one time, notably RitzCamera.com and BoatersWorld.com. Company sales tailed off from a peak of $111 million in 2007 to $91 million in 2010, when it was No. 171 in the Internet Retailer Top 500 Guide.
In its bankruptcy petition filed Aug. 23 in the bankruptcy court for the Central District of California the company reported assets of $809,102 and liabilities of about $7.2 million. The company filed a reorganization plan with the court in September.
Ritz Interactive was not connected to Ritz Camera Centers Inc., a retail chain of camera stores that went bankrupt in February 2009
Lerner founded in 1977 Lerner Processing Labs, which provided photo-finishing services to camera stores, a business he sold in 1992 to Qualex, which subsequently was absorbed by its part-owner, Eastman Kodak. He then served for seven years as president and CEO of Kodak Processing Labs. He also founded photography-related business in Australia.