Omidyar Network, a mission-based organization established by eBay founder Pierre Omidyar and his wife Pam, named Matt Bannick to the position of managing partner, effective April 16, 2007. Bannick, former president of eBay International and general manager of PayPal, will lead Omidyar Network's expansion beyond for-profit and nonprofit investments into public policy and other areas that enhance the organization's reach and impact.
Omidyar Network co-founder and founding partner, Pierre Omidyar said, "As the chairman of the board at eBay, I have been very impressed by Matt's accomplishments and leadership over the years, and I am excited about what we can continue to build at Omidyar Network. Matt has consistently delivered outstanding results at eBay, building terrific teams in the process. He has the strategic insight, operational experience and global perspective that will be essential in leading Omidyar Network through its next phase of growth."
After joining eBay in February 1999, Bannick held several senior executive roles, most recently as general manager of Global Development and Citizenship, in which he spearheaded eBay Inc.'s initiatives in corporate philanthropy and the developing world. Bannick's most significant accomplishments were with eBay International and PayPal. Bannick led eBay's early international efforts, expanding eBay's global presence from five countries in mid-2000 to 25 countries two years later, and growing international revenue from approximately $2 million per quarter to more than $100 million per quarter.
After eBay acquired PayPal in 2002, Bannick served as PayPal's first post-acquisition general manager, more than tripling its revenue in its first two years with eBay and expanding PayPal internationally. In December 2004, Bannick returned to eBay International as president, where he oversaw the continued global expansion of the eBay Marketplace until June of 2006. In 2005, international activity accounted for approximately half of gross merchandise volume on the eBay Marketplace.
In addition to expanding Omidyar Network, the Omidyar family plans to broaden the scope of its own operations. Current CEO of Omidyar Network, Iqbal Paroo, will take the new role of senior advisor to the Omidyar family. In his new role, Paroo will oversee the family's portfolio of business activities and interests, as well as identify, incubate and develop new opportunities. He will also build and manage relationships on behalf of the family and will leverage his international background to build the family's interests in the developing world.
Source: Omidyar Network press release dated 3/8/07
