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Ousted markets chief Devin Wenig joins eBay
Tuesday 6 September 2011
Devin Wenig, pictured, ousted seven weeks ago in a major management shake-up at Thomson Reuters, is joining eBay. He will be president of its global marketplaces unit, which includes the flagship auction site and the e-commerce company's separate classifieds and online tickets businesses.
Wenig, 44, a close associate of chief executive Tom Glocer, headed Thomson Reuters’ markets division, which includes Reuters news agency. He also led the integration of Reuters following its 2008 takeover by Thomson.
Announcing Wenig’s hire, eBay trumpeted his business and strategic acumen. He will report to president and CEO John Donahoe, who said “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”.
Postscript: Website eCommerceBytes said eBay wooed Wenig with a $13.5 million package, comprising annual salary of $750,000 with bonuses; $2.4 million in stock options; $1.8 million in restricted stock units; a target award of $1.8 million performance based restricted stock units; another award of restricted stock units valued at $6 million and participation in eBay’s incentive plan with a target bonus of 100 per cent of base salary.
Wenig, moving from the US east coast to the west, tweeted: “For sale on eBay. 3 dozen really nice ties!” ■
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