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.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
