EBay Marketplaces Head Dutta To Exit; Norrington To Replace
Wednesday July 16th, 2008 / 23h08
DOW JONES NEWSWIRES Ebay Inc. (EBAY) said Wednesday the head of its core marketplaces unit would step down in October, amid an ongoing effort by the e-commerce giant to re-accelerate growth in its main auction business. Rajiv Dutta, who has served in multiple posts during his 10-year tenure with the company, was named president of eBay Marketplaces earlier this year and has focused on re-accelerating growth and developing longer-term growth strategies for the company's key business unit. He will be replaced by Lorrie Norrington, who most recently was president of eBay Marketplaces Operations. She will report to eBay President and Chief Executive John Donahoe. Ebay recently reduced upfront listing fees to attract more sellers in a bid to offset slowing growth in its auction business in recent years. It has also taken steps to improve trust between buyers and sellers, and make it easier for buyers to find items they want, amid intense competition from rivals such as Amazon.com Inc. (AMZN). Dutta previously served as eBay's chief financial officer, then president of its Skype communications unit and head of its PayPal online payments division. EBay earlier said second-quarter net income rose 22%, thanks to growth at PayPal and other newer businesses, but continued concerns about the company's core auction business and a slightly disappointing third-quarter outlook sent shares down 7.5% after hours. For the quarter ended June 30, eBay's net income rose to $460 million, or 35 cents a share, from $376 million, or 27 cents a share, a year earlier. Excluding items, the company recorded per-share earnings of 43 cents, up from 34 cents a year earlier and the Thomson Reuters estimate of 41 cents. Revenue rose 20% to $2.2 billion, surpassing the average analyst estimate of $2.17 billion. The company was expecting earnings of 39 cents to 41 cents a share before items on revenue of $2.1 billion to $2.15 billion. -By Scott Morrison, Dow Jones Newswires; 415-765-6118; scott.morrison@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=tbcz0xXX1Jauzo6mglEnJg%3D%3D. You can use this link on the day this article is published and the following day.
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