Biz People

Is Whitman on the way out?

Top Internet auctioneer eBay Inc Chief Executive Meg Whitman (below) is preparing to retire and may announce her departure within weeks, The Wall Street Journal reported.

The report, quoting people familiar with the matter, said the situation "remains fluid" but that Whitman had begun delegating more daily responsibilities and was completing succession plans. EBay spokesman Hani Durzy declined to comment.

The report also quoted its sources as saying John Donahoe, the 47-year-old president of eBay's auction business unit, was the leading candidate to succeed Whitman.

Scania chief has no plans to quit

Scania AB Chief Executive Leif Ostling (above right) intends to serve out his full term, a source close to the Swedish truckmaker said, knocking down media reports he could step down early in May.

Asked if Ostling - who played a key role last year in fighting off German rival MAN AG's hostile takeover bid - would fulfil his contract until March 2009, the source said: "That is what he plans."

The source said efforts to forge a friendly three-way merger with MAN and Volkswagen AG's heavy truck business were still dead in the water.

A Scania spokeswoman said: "We (Scania and Ostling) have a contract that runs through to March 2009, and as far as that is concerned there have been no changes."

In Munich, MAN declined to comment on where efforts to create Europe's trucks market leader stood.

Forrest no longer richest man in Oz

Iron ore billionaire Andrew Forrest's (right) reign as Australia's richest man lasted less than three weeks as the tumbling stock market slashed about A$3.7 billion ($3.2 billion) from the value of his stake in the company he founded.

Forrest's 36 percent stake in Perth-based Fortescue Metals Group Ltd has shrunk to about A$5 billion from a record of A$8.7 billion on Dec 28, according to Bloomberg data.

The personal wealth of James Packer, chairman of Consolidated Media Holdings Ltd, was valued at A$7.25 billion according to BRW Magazine's annual rich list in May.

"It is a bit unfortunate for Mr Forrest's fortune but he is just going to have to suffer with the rest of the people in the market," Peter Arden, an analyst at Ord Minnett Ltd in Melbourne, said yesterday.

The stock "was just out of whack with everything else so it had to have a correction bigger then everything else", he said.

(China Daily 01/23/2008 page16)