eBay CEO and president Meg Whitman has officially announced plans to step down, following rumours of her imminent departure earlier this week. Whitman, who has spent 10 years at the helm of the e-commerce giant, will retire at the end of March.
eBay announced the move on the day it exceeded Wall Street's earnings and revenue expectations for its fourth quarter. For the quarter ending December 31, 2007, eBay had revenue of $2.18bn, up $461m from the fourth quarter of 2006.
Revenue grew across the board, but PayPal, StubHub, Skype and advertising performed particularly well, as eBay enjoyed strong sales during the 2007 holiday season, the company said Wednesday.
Whitman will hand over her CEO and president titles on March 31, but she will remain on the company's board of directors. She will be succeeded by John Donahoe.
Whitman joined eBay in March 1998, when the company operated only in the US and had 30 employees and $4.7m in annual revenue. It now operates worldwide with more than 15,000 employees and almost $7.7bn in revenue.
Donahoe has been with eBay since February 2005, coming from Bain & Company, where he was worldwide managing director since 1999. He is president of eBay Marketplaces, which generates more than 70 percent of the company’s global revenue.
Rajiv Dutta, PayPal's president, has been named eBay executive vice president and will also replace Donahoe as president of eBay Marketplaces. Scott Thompson, PayPal’s CTO, will take over as PayPal president.