By Alfred Branch, Jr.
Ticketnews.com has learned that StubHub founder and former CEO Jeff Fluhr has stepped down as head of the company he created now that its acquisition by Internet auction giant eBay closed on Tuesday. The final tally for the deal had an approximate aggregate value of $307 million, which includes approximately $21 million in net cash at the time of the close.
According to StubHub spokesman Sean Pate, Fluhr planned to leave the company once the acquisition was complete. As of today, Fluhr’s name was stripped from the list of the company’s management team on the StubHub website. “Jeff is stepping down and will act in an advisory role for the foreseeable future,” Pate said. “That was Jeff’s intent all along.”
When the purchase was announced, there was no mention of Fluhr’s plan to leave the company, but Pate added that Fluhr is expecting the birth of his first child this month and wanted to spend time with his new family. Under Fluhr, the seven-year-old company grew to generate revenues of about $100 million in 2006.
Chris Tsakalakis, who spearheaded the acquisition for eBay, is assuming the leadership of the two ticket entities, Pate said. Tsakalakis’ title is general manager and vice president of eBay Tickets and StubHub. He joined eBay in 2003 following a stint with Advanced Solutions Group.
Pate did not disclose whether there might be any restructuring of the two ticketing arms now that the acquisition has closed. “It’s business as usual,” Pate said. “Job one is optimizing both entities to maximize performance. Personnel decisions have not been discussed.”