eBay ( EBAY) on Monday named a new chief technology officer. Chris Corrado, the former chief information officer of AT&T Wireless, will become the new CTO of the online auction giant. Corrado will replace Marty Abbot, eBay's senior vice president of technology, who has decided to leave the company. "Chris is one of the leading technology platform experts in the corporate world, and we are thrilled that he is joining us," Maynard Webb, eBay's chief operating officer, said in a statement. eBay did not say when Corrado joined the company. AT&T Wireless was acquired by Cingular earlier this year. An eBay representative did not return a call seeking comment. A Cingular representative did not know when Corrado left the company. Corrado will earn a base salary of $400,000 a year with eBay, according to his offer letter, which the company disclosed Monday in a regulatory filing. eBay also agreed to pay him a $100,000 signing bonus, and Webb recommended that the company's board grant him 300,000 stock options, according to the letter. Assuming that Corrado started by Dec. 27, eBay agreed to grant him another 50,000 stock options. eBay did not say why Abbot, who has been with the company since 1999, chose to leave. But the company evidently knew about his departure for a while; the offer letter to Corrado was dated Nov. 19. In a statement, Webb praised Abbot, who joined eBay shortly after a series of site outages rocked the company and its auction service. "Today eBay's platform architecture is a core strength of our company," Webb said. "We are enormously grateful for Marty's efforts and wish him the very best for the future."
Abbot agreed to stay at eBay and work with Corrado for the next "several months to ensure a smooth transition," the company said. The announcement came after the bell. In recent after-hours trading, eBay shares were up 14 cents, or less than 1%, to $114.25. Earlier in the day, eBay's stock closed the regular session off $2.23, or 1.9%, to $114.11.