eBay CEO to depart

January 23, 2008 1:18:06 PM PST
Meg Whitman will soon step down as chief executive of eBay Inc., the online auction company that went from wobbly startup to multibillion-dollar household name in her 10-year tenure.

Whitman, 51, will be succeeded by John Donahoe, 47, who has been heading eBay's core auction and e-commerce businesses. The transition will happen March 31, the company said Wednesday.

Whitman said she will remain on eBay's board of directors.

"With humor, smarts and unflappable determination, Meg took a small, barely known online auction site and helped it become an integral part of our lives. We're all enormously grateful that Meg dedicated herself to stewarding eBay through its 10 most formative years," said Pierre Omidyar, eBay's founder and chairman.

Donahoe came to eBay in 2005 from Bain & Co., where he had previously worked with Whitman.