eBay Interim CEO Scott Schenkel will leave the company in June. The news came Monday after the eBay Board of Directors named Walmart executive Jamie Iannone its new CEO.
Iannone will officially start on April 27th, and Schenkel will take on the role of Senior Advisor through June 19, 2020, “subject to earlier termination or extension through September 30, 2020.”
Schenkel had been eBay’s Chief Financial Officer until September when he took over as interim CEO after the abrupt departure of Devin Wenig.
Like Wenig before him, Iannone will make a base salary of $1,000,000, but that’s just a percentage of what he will receive thanks to incentive and equity awards; (Wenig’s salary in 2018 was just 6% of his total compensation for the year, $18.17 million).
Despite getting the same salary, Iannone will be heading a smaller company – eBay recently sold its StubHub division for $4 billion, and it’s likely to sell its Classifieds division as well. (Despite the infusion of cash, eBay has not waived fees for US sellers who are coping with the coronavirus crisis, though it will defer some fees for certain sellers who request it.)
You can find the details of eBay’s offer letter to Iannone describing his compensation on the company’s filing with the SEC – including new-hire equity awards of $4.5 million, $7.2 million, $4.8 million, and $6.5 million, each with varying payouts and stipulations. It also described an “equity transition / buyout payment” of $3.5 million for 2020 and an “equity transition/bonus payment” of $1,500,000 for 2021 for Iannone.
As we reported this morning, Jamie Iannone is currently Chief Operating Officer of Walmart eCommerce. He had worked at eBay from 2001 through 2009 before leaving to run digital products at bookseller chain Barnes & Noble.
Iannone had run various divisions during his tenure at eBay including global search, buyer experience and tailored shopping experience, and he had previously worked at Epinions.com, Microsoft, and Booz Allen Hamilton.
eBay sellers may be wondering if the decision to pick its new CEO from Walmart is a sign of the direction the marketplace may be taking. It’s also interesting to note that Iannone had responsibility for “Store No. 8,” Walmart’s incubation hub, which will give eBay insight into the innovations under development at its rival marketplace.
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