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eBay’s CEO To Retire

Written on

Jan 22, 2008 

Author

Sarah Novotny  |

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eBay’s CEO To Retire

It has been reported today that eBay CEO Meg Whitman, is getting ready to retire from the company. She is one of the most powerful women in business and her exit comes at a time when the brand is attempting to re-establish its one-time astronomical growth.

Whitman will be heeding her own advice that no CEO should stay in the same job for more than a decade, reports Reuters. It is speculated that John Donahoe, the current president of the auction site’s business unit is at the top of the list of successors for Whitman.

A report in the Wall Street Journal said that the official announcement of Whitman’s departure could happen in the next few weeks.

Shares of the company fell about 4% to $27.14 in morning trade on the Nasdaq, however the recession could still churn out business for the company due to users searching for lower prices on desirable items.

It has been under Whitman that the company has become more than a household name, but an Internet icon.

Recently though, the firm has been slowing down with a decreased pace in core auction business and the blunder in buying Skype have plummeted its stock prices by about half.

Whoever succeeds Whitman will need to figure out how to keep both the “powersellers” and the shareholders satisfied. This, according to industry insiders, will take drastic actions.

It is anticipated by analysts that once eBay announces its fourth-quarter earnings, it will cut the list prices of items on the site and charge sellers more for a completed sale.

Tags: auction, eBay, executives, finance, john-donahoe, Meg-Whitman and skype

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