Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Mark Stabingas and Quinten Shay joined the Chinese company in January after LightInTheBox acquired their social shopping company Ador.
Just five months after joining Chinese online retailer LightInTheBox Holding Co. Ltd., two Seattle-based e-commerce executives are leaving.
The company announced today that both president Mark Stabingas and senior vice president Quinten Shay are departing “for personal reasons.” The two joined the Chinese company in January after LightInTheBox bought Ador, an e-retailer that styled itself a “shoppable fashion magazine.” Stabingas, a former executive at the Amazon Payments unit of Amazon.com Inc. had been CEO of Ador and Shay chief technology officer.
At the time of the acquisition, LightInTheBox executives said the deal would help the company establish a U.S. headquarters and bring experienced U.S. e-commerce talent.
"LightInTheBox is committed to building a respectful China-originated global enterprise, and we are confident that we will continue to realize such a global vision,” said Alan Guo, chairman and CEO of LightInTheBox in announcing the management changes. “Our overseas offices will remain an integral part of our business, and will play a vital role in executing our global expansion plans. Since our IPO last year we have worked aggressively to recruit and develop a talented management team with both strong global experience and local cultural background, who will assume the duties and responsibilities of Mark and Q collectively, to continue implementing our globalization strategy. And we thank Mark and Q for their contributions.”
Based in Beijing, LightInTheBox operates e-commerce sites in 27 languages that enable Chinese manufacturers to sell their goods abroad, mostly apparel and consumer electronics. In the first quarter of 2014 Europe accounted for 66.4% of the company’s revenue of $81.5 million, North America 20.1% and Latin America 6.3%. The rest came from other regions.
While the company’s revenue increased 11.2% in the first quarter over the prior-year quarter, net income swung to a $9.2 million loss from profit of $2.6 million in the first quarter of 2013. Company executives noted that LightInTheBox increased 41.4% to $25.9 million in the first quarter of 2014 as the e-retailer moved to attract new customers.
LightInTheBox raised $79 million in an initial public offering of stock on the New York Stock Exchange in June 2013. Its shares peaked at $23 per share last summer but have plummeted in recent months. The company’s share price fell more than 6% today to under $5 after the announcement of the departures of Stabingas and Shay.