The president and CEO of eBay Devin Wenig is stepping down, the online auction site announced on Wednesday. As of late Wednesday morning, share prices in the company — which has struggled to find its place in an e-commerce market dominated by Amazon — were down more than 2 percent.
The company's senior vice president and chief financial officer Scott Schenkel will take his place as interim CEO until the company finds a replacement.
"[W]e will continue to focus on our strategic plan and product initiatives, while also ensuring a great customer experience and a smooth transition," Schenkel said in a prepared statement. "eBay is well positioned to deliver enhanced value for our customers and shareholders alike."
"Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff," the chairman of the eBay board, Thomas Tierney, said in a prepared statement.
After the announcement, Wenig tweeted that he and the board "were not on the same page" and that it was "best for everyone" for the company to move forward without him.
While noting the company is "stronger today than it was four years ago," Tierney said "that given a number of considerations, both Devin and the Board believe that a new CEO is best for the Company at this time."
The transition in leadership comes as eBay has faced pressure from the investment management firm Elliott Management Corporation to make significant changes, including the potential sale of StubHub and the eBay Classified Group.
Disney shareholders have rallied behind longtime CEO Robert Iger. They voted Wednesday to rebuff activist investor Nelson Peltz and his ally, former Disney chief financial officer Jay Rasulo.
Student loan borrowers have the ability to earn retirement funds pegged to their payments – and the company Summer might be bringing it to your workplace.
It might not be what investors want to hear… but bringing down inflation could mean interest rates stay higher for (even) longer. But it's not all downside.
President Joe Biden and Chinese President Xi Jinping have discussed Taiwan, artificial intelligence and security issues in a call meant to demonstrate a return to regular leader-to-leader dialogue between the two powers.
April is Earth month, and while the green revolution might feel far away, the founder of climate VC Siam Capital says it’s on it’s way, and, even better: it won't cost you more.
From snow in April to heatwaves in December, it’s hard to plan a trip in a climate change world. Startup Sensible Weather thinks weather-based travel reimbursements are the solution.
Between corporate debt and the widening gap between ‘the haves and the have nots,’ there are reasons to be cautious about the economy, even with interest rate cuts on their way.
