In recognition of how quickly online retailing has become a crucial part of the general business community, leading consumer products manufacturer Procter & Gamble Inc. yesterday named eBay Inc. President and CEO Margaret C. Whitman to its board of directors.
“Whitman has built one of the most profitable e-commerce businesses in the world,” said A.G. Lafley, P&G’s president, CEO and chairman. “Her understanding of consumers, branding and the Internet make her a tremendous addition to P&G’s board.”
Whitman, whose first job was as a P&G marketing brand assistant, has served as president and CEO of eBay since May 1998. During her tenure, eBay has mushroomed into a huge marketplace of 55 million registered users, up from 2.2 million at the end of 1998, and its net revenue has grown to about $1 billion for 2002, up from $86 million in 1998. And it’s profitable. For the nine months ended Sept. 30, it reported $162.9 million in earnings on $800.2 million in net revenue, up from $64.5 million on net revenue of $529.4 million in the first none months of last year.
Before becoming president and CEO of eBay, Whitman’s career included management positions at Hasbro Inc., FTD Inc., the Stride Rite Corp., the Walt Disney Co. and Bain & Co.
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