Ebay loses chief operating officer

Online auctioneer eBay has said that is chief operating officer Brian Swette is giving up his duties from 1 January.

"Swette is yielding his COO duties in order to spend more time with his children who live in Florida," the company said in a statement.

Ebay does not plan to find a replacement for Mr Swette and will split his responsibilities between other company executives.

Mr Swette will continue to offer his services as head of corporate development and as a senior advisor to chief executive, Meg Whitman.

The online auctioneer allows surfers to buy and sell goods via its site.