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.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
Amazon blamed "regulatory hurdles" for calling off its proposed acquisition of robot vacuum maker iRobot. Not even a Roomba could clean up the deal's antitrust scrutiny.
To celebrate Flutter Entertainment's debut on the NYSE, FanDuel CEO Amy Howe shares her thoughts on the company's plans for growth, the future of online sportsbetting, and Super Bowl Sunday.
Investopedia's Caleb Silver shares thoughts on the upcoming Fed meeting, why individual investors are still slightly skeptical, and what he's looking for from mega cap tech earnings.
Season's greetings! Tax season, that is. January 29 is the first day you can file your tax return. We walk you through each step — plus a checklist you can download.
The Q-Collar helps protect athletes from impact-related concussions. Now, the U.S. Army is evaluating if the device could help reduce traumatic brain injury cased by blast weapons.
Co-founder and executive chairman of the board at Vaxxinity Lou Reese shares how the company is working to bring vaccines for chronic illnesses like heart disease and Parkinson’s to market with an eye for accessibility.
Mario Veneroso, Kingsview Asset Management Partner, weighs in on the latest economic data and whether the market is pricing in too many rate cuts for the coming year.
