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As expected, John Donahoe received approval from the eBay board, unanimously, to take over Whitman's duties. The company made the anticipated announcement when disclosing financial results for its fourth quarter and the 2007 fiscal year.

"I'm extremely confident in John’s skills and the abilities of John's veteran management team. eBay and its millions of users are in great hands as they head into the future," said Whitman in a statement.

Current PayPal president Rajiv Dutta will take Donahoe's position as president of eBay Marketplaces, while current PayPal CTO Scott Thompson gets the nod and the promotion to Dutta's old job.

On the money side, eBay reported fourth quarter revenue of $2.18 billion. GAAP net income rolled in at $531 million. For the full year, GAAP net income totaled $348 million after a third quarter that included a massive writedown of Skype that eBay could not deduct for tax purposes.

Shares of eBay fell in after hours trading, to $27.34 at 5:54PM ET.