eBay CEO Whitman to Exit

Updated from 5:25 p.m. EST

After nearly a decade at the helm, Meg Whitman will step down as CEO and president of eBay(EBAY Quote), the auction giant announced Wednesday.

The company's board has voted unanimously to elect John Donahoe, who previously ran eBay's Marketplaces division -- which makes up 70% of the company's global revenue -- to take up the top spot.

"During the last three years, John and I have worked very closely together to arrive at this day, and we'll continue to work together through the transition," eBay CEO Meg Whitman said in a press release. "I'm extremely confident in John's skills and the abilities of John's veteran management team." ...