Walmart executive Iannone takes over as EBay CEO  

EBay Inc. named Jamie Iannone as its new Chief Executive Officer on Monday. The appointment had been made a month after Starboard Value, owner of more than 1% of eBay’s stock, disclosed plans of designating four directors on eBay’s board of 14 members. Starboard wanted the company to appoint an outsider as its permanent chief executive.

“The Board believes Jamie is the ideal CEO to lead eBay’s next chapter of growth and success,” said Thomas Tierney, chairman of eBay’s board. “We have all been impressed by his strong track record of innovation, execution, operational excellence and developing teams that drive results. He is a world-class leader, and we are excited to welcome him back to eBay.”

Scott Schenkel, the e-commerce company’s Chief Financial Officer, has been serving as interim CEO since September last year. Former CEO Devin Wenig stepped down after disagreements on how to renew the struggling company.

Iannone, who most recently served as Chief Operating Officer of Walmart eCommerce, previously held management roles at EBay from 2001 to 2009 and will begin his term as chief executive officer on April 27.

EBay shares were 1.19% higher at $34.23 in morning trade following this development.