eBay this afternoon announced that eBay Marketplaces President Rajiv Dutta, a long-time executive at the company, is retiring in October, and will be replaced by Lorrie Norrington, who has been running eBay Marketplaces Operations.

The move comes on a day when the Street greeted the companys Q2 results with some disappointment, apparently due in part to weaker than expected gross merchandise value from the Marketplaces business in the quarter. As noted earlier, gross merchandise volume was $15.68 billion, up 8% year over year, but down 2% sequentially. Bank of America analysts Brian Pitz and Brian Fitzgerald point out in a note this afternoon that GMV came in about $1 billion light of their estimate of $16.69 billion.

Dutta previously served as CFO and as President of Skype and head of PayPal.

In after hours trading, eBay is off $2.10, or 7.5%, to $26.