EDS Corp CFO Bob Swan is leaving the IT services giant to take the same position at eBay next month. Swan, who is credited with a big role in the success of EDS’ restructuring program, will replace Rajiv Dutta as eBay CFO. Dutta will become president of Skype Technologies SA, eBay’s VoIP company.
Swan will join eBay on March 16. In a meeting with analysts yesterday, EDS CEO and Chairman Mike Jordan named two co-CFOs to fill in when Swan leaves–Ron Vargo, the company’s treasurer, and Tom Hauberstricker, EDS’ vice president of finance administration
Swan joined EDS three years ago as part of the company’s turnaround effort. With him steering its finances, the company has turned a $1.7bn loss in 2003 into a $150m profit last year. Once saddled with debt, EDS now has an impressive $3bn in cash as of the end of 2005, and the company on Tuesday announced the repurchase of some $1bn of its own shares. And while revenue has declined over that time, EDS has cut costs and turned around several of its most troublesome big deals, and is now concentrating on growth in the coming year.
Jordan said Swan’s move to eBay is a major loss but understandable for someone who has done so much for the company and now is moving on to other challenges. Swan’s Internet experience dates back to the boom times of 1999, when he served as CEO, CFO, and COO for online grocer Webvan until the company went bust in 2001.
He then took over the CFO role for defense contractor TRW, now owned by Northrop Grumman, before joining EDS.
EDS share bumped down 2% to close at $26.69 on heavy trading Tuesday.
