|01-24-2008, 09:00 AM||#1 (permalink)|
Join Date: Jun 2007
(whitman Steps Down As Very Rich Former Ebay Ceo)
(WHITMAN STEPS DOWN AS VERY RICH FORMER EBAY CEO)
At age 51 Meg Whitman is a force behind politicians and she is one of the wealthiest women in the world. Forbes estimates her worth at $1.4 billion. All because of a little auction website known as eBay. After 10 years and record stock growth she is calling it quits. She is being replaced by 47 year old John Donahoe.
(Retiring eBay CEO Meg Whitman)
Whitman previously worked at Disney, Proctor & Gamble, Bain & Company and Hasbro. She took over a start-up which needed a lot of direction. She leaves behind an Internet site which effects every business on the face of the earth in one way or another. She sees behind her a quarter in which eBay, which manufactures nothing, made $531 million. The company does $6 billion annually.
While Wall Street looks at eBay as slowing growth, people around the world see it as a monster which has had both positive and negative effects. The positive is it has opened new world wide markets for small shop keepers. The downside is it has helped kill off any "retail" market there is and obliterated the line between wholesale and retail. The end result is the environment has made it very difficult for small operators to operate. A sort of Wal-Mart Scenario.
She had her moments such as the acquisition of Skype seen passively as not a good move. eBay like Google is a new word as well as a verb in the English language. "To eBay it" is as common as to "Google it." While anything can be found on Google, any Price or value can be found on eBay. Just ask it's users and merchants.
She said she would leave after 10 years and in the spring she celebrates her ten year anniversary. Her reign supplied a lot of good news to the business world. She took a company with a stock valued at less than $2 per share, and now is worth over $28 after lots of splits.
Will she turn to politics? Some have said she has thought about running for the US Senate. She has backed Mitt Romney in the presidential race with lots of money. She may have political desires but for the moment, eBay will probably continue to do well.
-The Brill Report