EBay Names Walmart Executive as Its New CEO
April 13 2020 - 12:36PM
Dow Jones News
By Colin Kellaher and Matt Grossman
EBay Inc. named Jamie Iannone its new chief executive Monday,
after its former leader left the company last year amid a
disagreement with its board.
Mr. Iannone, who will join eBay on April 27, was most recently
the chief operating officer of Walmart Inc.'s e-commerce division.
He has also served as the CEO of SamsClub.com, the e-commerce arm
of the company that runs Sam's Club warehouse stores. Mr. Iannone
previously worked for eBay between 2001 and 2009, including as a
vice president.
"Jamie has consistently delivered high growth during rapid
periods of industry disruption, consumer change and technological
advancement," said eBay's chairman, Thomas Tierney.
Chief Financial Officer Scott Schenkel has led the company since
the September resignation of Devin Wenig. He will continue in that
role until Mr. Iannone takes over later this month.
"In the past few weeks it became clear that I was not on the
same page as my new board," Mr. Wenig wrote on Twitter at the time
of his departure. "Whenever that happens, its best for everyone to
turn that page over."
Activist investors Elliott Management Corp. and Starboard Value
LP, have pressured eBay to re-evaluate its business, including
suggesting that it be broken up. Starboard said in February it owns
more than 1% of eBay shares, while Elliott has reported ownership
of more than 4%.
Last year, eBay agreed to add three new board members after
reaching agreements with Starboard and Elliott.
Recently, Starboard has pushed for additional board
representation and urged eBay to search for an external CEO.
EBay has considered a sale of the company's
classified-advertising business, which could be worth $10 billion.
In February, eBay closed the sale of its StubHub ticket-sales unit
in a $4.05 billion deal with Viagogo Entertainment Inc.
Walmart's president and CEO of its U.S. business, John Furner,
said Monday that Mr. Iannone will be replaced at a later time.
Write to Colin Kellaher at colin.kellaher@wsj.com and Matt
Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 13, 2020 12:21 ET (16:21 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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