Omidyar Network Names Matt Bannick Managing Partner
March 8, 2007, Redwood City, Calif. - Omidyar Network, a mission-based organization established by Pierre and Pam Omidyar, today 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.
"I am thrilled to have an executive of Matt's caliber join the team," said Omidyar Network co-founder and founding partner, Pierre Omidyar. " 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.
"I am honored to lead the expansion of Omidyar Network, which in its short life has had substantial impact in the areas of philanthropy and business generally, and in microfinance specifically," said Bannick. "I have always admired Pierre and felt deeply committed to the concepts of individual opportunity and self-empowerment, and I look forward to working with Pierre and the Omidyar Network team to have an ever greater positive impact on society. Leading Omidyar Network's expansion is truly the opportunity of a lifetime."
Omidyar Family Expands its Interests
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.
"Iqbal has been fundamental to the evolution and development of Omidyar Network. In the last five years, he established and led the original Omidyar Foundation and then transformed that operation into what has become Omidyar Network," said Omidyar. "Iqbal has been a thought partner and trusted advisor to the family for many years, and we hope for many years to come."
"Pierre is probably the most dynamic thinker that I've ever known, and over the last five years, he has constantly pushed the boundaries of what philanthropy could be," said Paroo. "In my new role, I will create a space for the family to pursue its interests as they evolve. I am thrilled to be able to support the family in all ways as it endeavors to have a positive impact in the world and turn its dreams into reality."
About Omidyar Network
Omidyar Network is a mission-based organization founded by Pierre and Pam Omidyar. Established in 2004, Omidyar Network is committed to creating opportunity for individuals to improve the quality of their lives. The organization funds for-profits and nonprofits that promote equal access to information, tools and opportunities; connections around shared interests; and a sense of ownership for participants. To date, Omidyar Network has created a diverse portfolio that fosters individual self-empowerment across the economic, political and social realms, with investments in areas such as microfinance, participatory media, philanthropic markets, and transparency in government.