Internet

Rumor: Tom Online's CEO Will Resign

Disappointed with eBay Eachnet's performance, Wang Leilei, CEO of Tom Online, may resign from his job.

Tom Online is responsible for the operation of eBay Eachnet in China, and a person close to Wang has told Shanghai Securities Newspaper that Wang began to regret the acquisition of Eachnet as soon as the transaction was done in 2006. And during the management of eBay Eachnet by Tom Online, he was not satisfied with the performance of eBay Eachnet. The person said that Wang was also unhappy with the work attitude of some employees of the former Eachnet and he had dismissed many of them after Tom Online took over Eachnet.

In addition, capital is said to be a major problem for eBay Eachnet. Tom Online invested USD20 million when establishing the JV with eBay, but in the past18 months, eBay Eachnet had spent all the money without achieving a satisfactory performance.

Previously, both John Donahoe, the newly appointed CEO of eBay, and Bob Swan, CFO of eBay, also admitted in foreign media reports that eBay's performance in China is far from good.

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