One of the last C.E.O. survivors from the dotcom rubble is about to call it quits.

Meg Whitman, the chief executive of the internet-auction giant eBay, is preparing to retire, according to a report in the Wall Street Journal. Whitman has led the company since before its wildly successful I.P.O. in 1998, and she navigated eBay through the aftermath of the tech-bubble burst even as competitors fell by the wayside.

The Journal cites people close to the company with the information that Whitman is completing her succession planning and will likely make a formal announcement in the coming weeks.

These people also say that John Donahoe, the head of eBay's auction-business unit, is the leading candidate to replace her. Donahoe, who was previously managing director for the consultancy Bain & Company, was recruited by Whitman to join the company in 2005. The two previously worked together at Bain.

Whitman's departure would come at a critical point for eBay, as the Journal notes. The auction business, which flourished for years, has reached a point of more stagnant growth. That business makes up about two-thirds of its $6 billion in annual revenues.

Ebay pushed aggressively into new lines of business, with mixed results. It has expanded internationally and made smart acquisitions, such as the internet payment service PayPal. But last year it was forced to write down $1.4 billion from its purchase of the online phone service Skype.

Whitman is highly regarded by her peers and has made her mark as one of the most successful female chief executives in history. It's unclear what Whitman will do next, although at only 51, it's unlikely she'll disappear into retirement just yet. In 2005, Whitman interviewed with the board of Walt Disney to replace Michael Eisner as its chief executive, but she withdrew her name and maintained her commitment to eBay.  

Investors were clearly not pleased with the news of Whitman's imminent departure. In premarket trading, eBay shares fell 8 percent.

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