eBay CEO stepping down

News reports indicate that eBay CEO Meg Whitman plans to step down later this year, with auction division head John Donahoe being the lead candidate to replace her. Donahoe was the managing director for the consultancy Bain & Co. before joining eBay.

If true, Whitman departs with a mixed record. She oversaw the company's IPO and ascension to the top e-commerce site, and in 2002 made the very wise acquisition of PayPal, which has been the growth engine for the company in recent years. But as I noted in my book, The PayPal Wars, she ushered in a very corporate mindset that has made it difficult for eBay to innovate as its dominance has been eroded by the advent of Google AdWords and a trend towards decentralized online shopping. And many of her other acquisitions have either failed to deliver their anticipated value (Skype, Half.com) or completely bombed (Billpoint, Butterfields).