SAN JOSE, Calif.--()--eBay Inc. (Nasdaq:EBAY) today announced that Devin Wenig is joining the company as President of its global eBay Marketplaces business unit, which includes eBay, the world’s leading online marketplace; eBay classifieds sites in more than 1,000 cities worldwide; and StubHub, the world’s largest online tickets marketplace. Wenig will report to eBay Inc. President and CEO John Donahoe.
“Management's Discussion and Analysis of Financial Condition and Results of Operations”
Wenig, 44, most recently was Chief Executive Officer of Thomson Reuters Markets, a division of Thomson Reuters, where he led the company’s global financial services and media businesses. Wenig also led the integration of Reuters and Thomson following the merger of the two companies. In a highly successful 18-year career with Reuters and Thomson Reuters, Wenig had extensive global operating and leadership experience in rapidly changing, disruptive competitive environments, giving him a deep understanding of how to develop and grow innovative global technology platforms to serve changing customer needs.
“Devin’s deep global operating and leadership experience, combined with his record of delivering innovation and of understanding global technology platforms and communities, makes him uniquely qualified to lead our eBay Marketplaces business,” Donahoe said. “We are focused on shaping the future of commerce with retailers and sellers of all sizes across multiple formats, including mobile, local and social commerce. Devin will be a strong leader to drive our vision of enabling retailers of all sizes to grow their businesses and enabling consumers to shop anytime, anywhere for whatever they want.”
Wenig joins eBay at a time of dramatic change across global retail and in how consumers worldwide shop and pay. Online and offline are blending into a multichannel commerce environment, with technology driving innovation and influencing how retailers of all sizes compete and how consumers shop.
Against this backdrop, eBay is a leader in trends such as mobile commerce. As it announced as part of its second quarter 2011 earnings release on July 20, 2011, eBay expects to generate more than $4 billion of merchandise volume through its eBay mobile applications in 2011 – more than double the prior year. Consumers worldwide have driven more than 50 million downloads of the company’s mobile applications.
eBay has dramatically improved the shopping experience on its global marketplace platform, with tailored visual browsing and shopping experiences in categories such as fashion. eBay also is driving innovation in areas such as local commerce, enabling retailers to feature their local inventory within eBay search results. Other innovations such as eBay’s Instant Sale feature enables consumers to easily get money for their old electronics devices and purchase new models. Increasingly, brands and retailers are opening stores on eBay as a complementary sales channel and leveraging features such as eBay’s flash sale format to deliver great deals for shoppers on a range of merchandise.
In 2010, eBay Marketplaces net revenues were more than $5.7 billion, representing about 62 percent of total eBay Inc. net revenue. More than half of eBay’s revenue is generated outside of the US. Worldwide, more than $60 billion of merchandise volume is transacted annually on eBay, with the majority sold at fixed price. eBay has nearly 100 million active users.
About eBay Inc.
Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) is about connecting buyers and sellers. We do so through eBay, the world's largest online marketplace, which allows users to buy and sell in nearly every country on earth; through PayPal, which enables individuals and businesses to securely, easily and quickly send and receive online payments; and through GSI, which facilitates ecommerce, multichannel retailing and digital marketing for global enterprises. We also reach millions through specialized marketplaces such as StubHub, the world's largest ticket marketplace, and eBay classifieds sites, which together have a presence in more than 1,000 cities around the world. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
This press release contains forward-looking statements relating to, among other things, the future performance of eBay and its consolidated subsidiaries that are based on the company's current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements regarding merchandise volume generated through eBay mobile applications in 2011. The company's actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Factors that could cause or contribute to such differences include, but are not limited to: the after effects of the global economic downturn, changes in political, business and economic conditions, including any conditions that affect ecommerce growth; fluctuations in foreign currency exchange rates; the company's ability to profitably integrate, manage and grow businesses that have been acquired recently or may be acquired in the future; the company's need to increasingly achieve growth from its existing users, particularly in its more established markets; the company's ability to deal with the increasingly competitive ecommerce environment, including competition for its sellers from other trading sites and other means of selling, and competition for its buyers from other merchants, online and offline; the company's need to manage an increasingly large enterprise with a broad range of businesses of varying degrees of maturity and in many different geographies; the effect of management changes and business initiatives; the company's need and ability to manage other regulatory, tax and litigation risks as its services are offered in more jurisdictions and applicable laws become more restrictive; any changes the company may make to its product offerings; the company's ability to timely upgrade and develop its systems, infrastructure and customer service capabilities at reasonable cost; and the company's ability to maintain site stability and performance on all of its sites while adding new products and features in a timely fashion. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.
More information about factors that could affect the company's operating results is included under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” in the company's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations web site at http://investor.ebayinc.com or the SEC's web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to the company on the date hereof. eBay assumes no obligation to update such statements.