EBay Names Walmart Executive as Its New CEO

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 [e-mail] and Matt Grossman at [e-mail]

(END) Dow Jones Newswires

April 13, 2020 12:21 ET (16:21 GMT)

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