eBay announced that Matt Bannick, currently President of eBay International, will be transitioning out of that role later this year in order to spearhead eBay's initiatives in corporate philanthropy and the developing world.

In this newly created position, Bannick will report directly to eBay Inc. President and CEO Meg Whitman.

"After seven years, Matt was eager to apply the skills he has honed empowering people around the globe in a new way, and so I asked him to oversee our efforts in corporate philanthropy and the developing world," said Whitman. "I think it's a real milestone for our company to have one of our most seasoned executives take our philanthropic activities to a new level. And the tremendous strength of our management team allows us to do this while maintaining our focus on the continued growth of our international business."

"Using the Internet for the good of regular people was the idea on which our company was founded, and it's still at the core of what we do," said Bannick. "At eBay I've been fortunate to travel around the world and see first-hand how people everywhere are empowering themselves through the Internet. I'm excited to build and manage our efforts around philanthropy and the developing world to help fulfill eBay's original vision."