EBay chief Whitman stepping down

SAN FRANCISCO, Jan. 23 (UPI) -- EBay Chief Executive Officer Meg Whitman is stepping down after almost 10 years leading the giant on-line auction house, it was reported Wednesday.

Whitman will be replaced by John Donahoe, president of eBay's marketplaces division, The New York Times reported.

No reason for the change was given, but praise was forthcoming. "John is a great choice to lead eBay. He understands our community and is committed to continuing Meg's legacy," said Pierre Omidyar, one of the company's founders.

EBay's fourth-quarter earnings suggest Whitman is leaving on an up note. Net income for eBay for the quarter reached $611 million or 45 cents per share, a 42 percent rise from a year ago. Revenue for the company hit $2.18 billion in that period, ahead of analysts' forecasts and 27 percent above the same period a year ago.

"We had a remarkably strong year from a financial perspective," Whitman said.

However, while gross merchandising volume rose 12 percent to $16.21 billion at eBay for the fourth quarter of 2007 over the fourth quarter of 2006, shareholders worry. Industry-wide, e-commerce rose 19 percent in the same period, according to Internet analyst ComScore.