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.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
