Online retailer Ebay said the president of its main marketplaces unit was leaving the company and that third-quarter earnings would be at the high end of its own forecast range.
Lorrie Norrington, president of Ebay Marketplaces, the company's biggest unit, is leaving for "personal family reasons". She was in the middle of a three-year turnaround plan for the marketplace unit, which provides the bulk of revenue and profits for the online retailer. Ebay shares were unchanged at $24.75 in extended trading.
"You're losing an executive so it introduces some uncertainty, now the grade on her performance - it's still to be determined," Colin Gillis, an analyst with BGC Financial, told Reuters.
The marketplace unit has been weathering a lingering slump, and investors have been anxious to see tangible proof of improvement.
Ms Norrington was not available for comment.
Ebay said chief executive John Donahoe will oversee the unit's management team while the company searches outside for a successor to Ms Norrington, who has been in charge of the marketplaces business since July 2008.
Under Ms Norrington, the company improved search and site technology, while also launching Ebay Fashion, an overhaul of the clothing shopping venue, Mr Donahoe said.
Ebay also said it expected third-quarter earnings per share to be at the high end of the 35 cent to 37 cent range it forecast in July. Analysts on average forecast 37 cents a share, according to Reuters Estimates.
Reuters