Georgiadis prepares to leave Ancestry as new private equity owner comes on board
Margo Georgiadis is set to step down from her role as president and CEO of Ancestry, a move that comes as the digital family history provider gets a new private equity owner. Ancestry said Margo informed its board that she would leave the Lehi, Utah company at the end of this month. The news came as Blackstone Group completed its previously announced $4.7 billion purchase of the company from Silver Lake, Spectrum Equity, Permira and GIC, which will retain a minority stake. The company said it expects to have a new CEO in place by early 2021 and that Margo will remain available to advise. In a statement, she said she was “proud of the collective accomplishments of the Ancestry team” and “confident of the company’s continued success.” Also in a statement, Eric Wilmes, head of private equity, Americas at GIC, and Stephen Evans, a managing director at Silver Lake, said that Margo “has made a tremendous impact on this organization” and “has created a best-in-class leadership team and led a process of rebuilding and strengthening our products and our business.” Margo joined Ancestry in 2018 after serving as CEO of Mattel. She previously was president of Americas at Google and held leadership roles at Groupon and Discover Financial Services. Operating in more than 30 countries, Ancestry has more than 3.6 million subscribers and generates more than $1 billion in annual revenue. The company utilizes the information found in family trees and historical records to help people gain a new level of understanding about their lives. Ancestry also operates a consumer genomics business.