Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Glen Senk becomes CEO and takes an ownership stake in the company.
The reason for the abrupt departure of specialty apparel retailer Urban Outfitters Inc.’s CEO is now clear—Glen Senk is headed to multichannel luxury jewelry retailer David Yurman Inc. He becomes the company’s CEO.
Senk abruptly resigned last week from his position at Urban Outfitters, No. 48 in the Internet Retailer Top 500 Guide. He was replaced by the retailer’s chairman Richard Hayne. Senk had worked at Urban Outfitters since 1994, when he was hired as president of the retailer’s Anthropologie brand. He became Urban Outfitters’ CEO in 2007.
As part of his agreement with David Yurman, Senk will take an ownership share in the privately held company.
"His arrival will allow us to truly focus on what we love doing–designing–while we collectively build an even greater global brand and the company we've always wanted," say the company’s founders, David and Sybil Yurman, in a statement.