eBay’s New CEO Will Be A Walmart Executive

An executive from the largest retailer of the world – Walmart, has been roped in by the online retailer eBay for its new chief executive role.

In a new release, eBay said on Monday that role of the chief executive of the company will now be executed by Jamie Iannone, who currently is in charge of the e-commerce section of Walmart for the United States starting on April 27.

According to industry insiders, Iannone was one of the rising stars at Walmart as he had played a very important role in the digital strategy of the retailer. He is credited with significantly increasing the membership and online sales of the retailer’s membership-based subsidiary Sam’s Club. He was promoted in late February to head Walmart’s e-commerce business in the US.

This will be a return to eBay for Iannone in a new role. According to the news release, he had been a vice president of the company for a period of almost eight years.

Iannone had headed Walmart-owned Sam’s Club for almost six years. Previously he was the CEO of SamsClub.com and the executive vice president of membership and technology. He was the executive vice president of digital products at Barnes & Noble, where he was in charge of the Nook devices and digital book business of the company before he had joined Sam’s Club.

Walmart had tested out the digital sphere for its business with the launch of the Sam’s Club. Scan & Go, an app that could be used by shoppers to skip the line and check out through a smartphone app instead, was launched by the company. Another voice-enabled app, called “Ask Sam” is also available that helps employees to locate an item fast or to more quickly answer customers’ questions.

The former CEO of eBay, Devin Wenig, left eBay in September and Iannone will succeed him. Wenig was forced to resign from the post because of pressure on him from two activist investors, Elliott Management and Starboard Value. The two investors had been pressurizing eBay to make a review of its portfolio and actively consider the selling off assets which included the ticket sales service, StubHub, and the classified ads business of the company. These were necessary to drive up the value of shares, the two investors had argued.

In a tweet, Wenig explained his departure saying that he “was not on the same page as my new Board.”

The decision to sell off StubHub to Swiss ticket vendor Viagogo for about $4 billion was announced by eBay just two months after the departure of Wenig.

eBay’s Chief Financial Officer Scott Schenkel served as its interim CEO while the company looked out for a new leader for the company.

Iannone was the “ideal CEO to lead eBay’s next chapter of growth and success,” said Thomas Tierney, chairman of eBay’s board, in a news release.

“We have all been impressed by his strong track record of innovation, execution, operational excellence, and developing teams that drive results,” he said. “Jamie has consistently delivered high growth during rapid periods of industry disruption, consumer change and technological advancement.”

(Adapted from CNBC.com)

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