Move Inc. president moves on
Former Yahoo exec Lorna Borenstein to exit on March 13
By Inman News, Wednesday, February 25, 2009.
Lorna BorensteinLorna Borenstein is leaving her post as president of Move Inc., the company that operates popular real estate search site Realtor.com, according to an announcement today.
Borenstein, a former executive for search giant Yahoo and online auction site eBay Inc., and a former assistant counsel at Hewlett Packard Canada Ltd., joined Move in May 2007. She plans to leave the company on March 13.
It's the second major management change in as many months for Move, which plans to announce fourth-quarter and full-year financial results on March 3.
Last month, Move Inc. announced that company CEO W. Michael Long retired and would be replaced by Steven H. Berkowitz, former CEO of Ask.com (see Inman News). That company was purchased by InterActiveCorp in 2005.
Berkowitz will assume responsibility for Borenstein's duties, according to the announcement. Company spokeswoman Julie Reynolds said Berkowitz will retain his title as CEO, and there are no plans to hire a new company president.
"Over the past two years, Lorna has been a passionate leader, guiding the company to redesign its Web sites, focus on profitable operations, and drive operating efficiencies to better position the company to succeed in the current market downturn and when the market recovers," Berkowitz said in a statement.
Berkowitz had served as a member of Move's board of directors since June 2008. Long had served as CEO since 2002, arriving after an accounting scandal that gutted the previous management team.
Borenstein's career plans were not announced. Before joining Move she had served as vice president of product for Yahoo's strategy on youth and education, as global vice president and general manager of Yahoo personals, and as vice president of marketing for the Yahoo search and marketplace business division.
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Submitted by Tony Covey on March 5, 2009 - 6:37pm.
Oh dear, what a loss :-(. The unsuccessful lawyer who came to the Move/Realtor.com during a time of unparalleled losses in real estate and then proceeded to incur further costs by 1) opening up a new building in Campbell, CA, 2) launching a costly campaign to brand the Move name (the NAR was having none of that!), 3) spending $50 million to give Realtor.com a facelift, and 4) launched a sales drive for more corporate advertisers that went nowhere (under chum Patty Mitchell), and finally 5) laid off 50% of the workforce (what a sweetheart!). Yes, there will be many tears shed on her firing (I mean, resignation).