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New eBay CEO to Get Millions, Schenkel to Depart in June

eBay
New eBay CEO to Get Millions, Schenkel to Depart in June

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.

You can read more and leave a comment on the EcommerceBytes Blog.

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

3 thoughts on “New eBay CEO to Get Millions, Schenkel to Depart in June”

  1. How can I get the job of CEO and get that kind of moola for essentially doing nothing? Most of us, would have to work 40-50 years to even begin to earn a million much less whatever that one bonus that he gets after three pay periods which was HUGE. I didn’t see anything that set what the standard was for getting all these variously named bonuses, just show up for work, and with some help, I could do that. And I have experience in the world on retail online sales.

  2. What these people receive in compensation is not commensurate to what they provide their customers (sellers). Those are millions that should be going back into the business…not greedy pockets…at least until they can actually provide what they’re getting paid to provide.

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