Online auction site eBay is revamping its pricing structure, as well as the way in which sellers and buyers will interact with the site.
John Donahoe announced the changes, which are aimed at driving up merchant standards as well as encouraging increased trade, at the company's eCommerce Forum last night.
Donahoe, who will take over from Meg Whitman as president and CEO in March following the announcement that she would stand down, told attending press that the changes were being implemented because the business hadn't been growing as fast as he would like.
He also highlighted improving the customers experience as another key driver behind the changes, which will take place over the next couple of weeks and months.
"The Web has evolved around us, and what sellers and buyers have come to expect has evolved right along with it. Today, buyers want a very high level of value, selection and convenience.
"They want to shop on their own terms in a safe, easy-to-use environment. Sellers want a platform that meets the reality of doing business online today and that scales to their needs," he added.