IAC Names Mike Sorabella as CEO of Shoebuy.com

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Jun 28, 2011, 08:00 ET

NEW YORK, June 28, 2011 /PRNewswire/ -- IAC (Nasdaq: IACI) announced today that Mike Sorabella has been named Chief Executive Officer of Shoebuy.com. In this role, Mr. Sorabella is responsible for the strategic and operational oversight of all of the Shoebuy brands, including Bagsbuy.com and Outletbuy.com. Mr. Sorabella served as the Chief Financial Officer for Shoebuy for six years.

"Shoebuy has experienced solid growth in the years since its launch and acquisition by IAC, making it one of the leading footwear sites in the country today," said Greg Blatt, CEO, IAC. "Mike Sorabella was instrumental in driving much of that growth. His history of results, coupled with his passion for the industry, make him the right leader to work alongside the outstanding senior management team we have in place to drive continued growth in the business and to further Shoebuy's expansion both internationally and into other adjacent markets."

Shoebuy.com is one of the largest retailers on the Internet focused on all categories of footwear and related apparel, offering consumers over 1 million products and reaching over 8 million unique users each month. Founded in 1999, the company was acquired by IAC in 2006.

Mr. Sorabella succeeds Scott Savitz, the previous CEO of Shoebuy who is leaving after more than 12 years at Shoebuy. Mr. Sorabella's appointment is effective immediately.

"Shoebuy has experienced strong growth and success through its dedication and focus on the customer experience coupled with a tremendous selection of quality brands," said Mike Sorabella. "Shoebuy has a passionate management team in place that has driven tremendous results over the years. My goal is to work with them and the entire Shoebuy team to continue along that strategic path, further attracting the growing number of consumers who choose to shop online by increasing our substantial brand offerings, expanding into new product categories and continuing to offer the best in service, selection and ease of use that our retail sites currently provide."

Mr. Sorabella served for six years as the Chief Financial Officer of Shoebuy.com and successfully led the due diligence, sale process and integration of the transaction with IAC in 2006. Mr. Sorabella was responsible for financial planning and reporting, accounting, human resources, benefits administration, warehouse operations, facilities and vendor selection\relationships and had management responsibility for greater than 40% of total company headcount. He also held the positions of Chief Financial Officer of Shoebuy.com Europe Ltd., the company's United Kingdom subsidiary, and Chief Financial Officer of Floraflora.com, an e-commerce retailer of flowers and gifts that was co-founded and majority owned by Shoebuy.com.

Prior to joining Shoebuy.com, Mr. Sorabella was Group Manager within FleetBoston Financial's derivatives business. Mr. Sorabella also previously served as Chief Financial Officer and Chief Operating Officer at Bonaire Software Solutions, LLC. Preceding his work at Bonaire Software, Mr. Sorabella was Director of European Treasury for BankBoston. Mr. Sorabella received a B.A. in Economics from Boston College.

About IAC

IAC operates more than 50 leading and diversified Internet businesses across 30 countries... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at www.iac.com.

About Shoebuy.com

Shoebuy.com is one of the largest retailers on the Internet focused on all categories of footwear and related apparel. Shoebuy.com offers over 1,000,000 products from 1,100 brands including adidas, Aerosoles, Allen-Edmonds, Bass, Born, Bostonian, Brooks, Bruno Magli, Clarks, Crocs, Dockers, Donald J Pliner, Dr. Martens, Easy Spirit, ECCO, Florsheim, Franco Sarto, Hush Puppies, Jessica Simpson, Johnston & Murphy, K-Swiss, Keds, Keen, Mephisto, Merrell, Mezlan, Naturalizer, New Balance, PUMA, Reebok, Rockport, Sebago, Skechers, Softspots, Sperry Top-Sider, Stride Rite, Timberland, and many more. Shoebuy.com also operates Bagsbuy.com, which represents all categories of bags including handbags, backpacks, luggage, baby gear, briefcases and laptop bags, Product Express which makes available over 10,000 products with free overnight shipping for the customer who needs the product now, Events.Shoebuy.com which offers invitation only private sales, Shoebuy.co.uk, Shoebuy's U.K. site, and Designer.shoebuy.com which offers a specialized shopping experience and design-focused product from over 200 top designer brands. Shoebuy.com is an operating business of IAC.

Contact Information:
IAC Communications
Stacy Simpson
(212) 314-7470

IAC Investor Relations
Nick Stoumpas
(212) 314 - 7400

SOURCE IAC