eBay poaches Walmart exec as new CEO

Online global commerce company eBay Inc. (NASDAQ: EBAY) announced Monday Jamie Iannone will serve as its new Chief Executive Officer, effective April 27.

Lengthy search comes to an end

EBay has been operating without a permanent CEO since September 2019 when ex-CEO Devin Wenig stepped down due to growing pressure from outside powerful shareholders. Activist investor Elliott Management and Starboard Value exerted their influence to push for changes, including fresh blood at the leadership level and a review of its portfolio assets.

The company’s Chief Financial Officer Scott Schenkel was immediately named interim CEO following Wenig’s departure. Some investors and analysts had hoped Schenkel would be named permanent CEO but this is now confirmed to not be the case.

Iannone brings e-commerce experience

Iannone brings to the table many years of experience in operating online businesses. Most recently, he served as Walmart’s chief operating officer for U.S. e-commerce. He played a very senior role in developing a compelling digital strategy for Walmart, including growing membership and online sales at Sam’s Club.

His experience also includes CEO of SamsClub.com, and executive vice president of membership of technology. The membership chain has made many strives recently by incorporating technology and digital capabilities in its business. Most notably, Sam’s Club launched a Scan & Go feature where customers can scan items in store and skip a check out line.

This gives Iannone direct experience in mobile technology and payment systems, a valuable tool that could be useful as eBay hopes to bridge the gap between rivals, especially Amazon.

Prior to joining the Walmart family of brands, he was an executive vice president of digital products and Barnes & Noble where he was tasked with growing its digital book business.

Stock moves higher

Shares of eBay were trading higher Monday morning by around 2% while all major indices were deep in the red. Investors appear to be happy with eBay’s decision to tap an e-commerce executive as its new CEO, even though Iannone comes from a retail background.

EBay’s Chairman of the Board Thomas Tierney said in the announcement Iannone is the “ideal CEO to lead eBay’s next chapter of growth and success.”

“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.”