- Wenig, 52, will be replaced as CEO on an interim basis by Chief Financial Officer Scott Schenkel, eBay said, adding that it is continuing to evaluate its companies and expects to update this fall.
- The firm added to its board in March Jesse Cohn, who operates the U.S. equity activism practice at Elliott, and Matt Murphy, Marvell Technology’s CEO and Starboard’s nominee.
Devin Wenig, CEO of eBay Inc, stepped down on Wednesday, citing disagreements with the lately renovated board of the company, which is looking to sell some of its companies.
Wenig, who has been the CEO of the online auction and retail site eBay for four years, said in a tweet: “In the last few weeks, it became clear that I wasn’t on the same page as my fresh board. Every time that occurs, it’s best for everyone to turn over that page.” Earlier this year, eBay changed its board and said that it was exploring alternatives for its ticketing department, StubHub, and eBay Classifieds companies after the pressure from hedge funds Elliott Management Corp and Starboard Value.
Wenig, 52, will be replaced on an interim basis by Chief Financial Officer Scott Schenkel, eBay said, adding that it is continuing to evaluate its companies and expects to update this fall.
“Because of a number of factors, both Devin and the Board think that at this moment a fresh CEO is best for the company,” said Thomas Tierney, Chairman of the Board in a declaration.
A dispute over the Classifieds business’ suggested sale led to the departure of Wenig, reported by CNBC, citing sources.
The firm added to its board in March Jesse Cohn, who operates the U.S. equity activism practice at Elliott, and Matt Murphy, Marvell Technology’s CEO and Starboard’s nominee.
E-Bay also said its board will be searching for a fresh CEO on Wednesday.
Andy Cring, Global Financial Planning and Analysis VP, was appointed Chief Financial Officer for the interim period.
EBay Inc. is a San Jose, California-based American multinational e-commerce corporation that promotes consumer and consumer sales through its website. Pierre Omidyar founded eBay in 1995 and became a remarkable success story of the dot-com bubble. As of 2011, eBay is a multi-billion dollar company operating in approximately 30 nations. The firm runs the eBay website, an online auction, and shopping website where individuals and companies purchase and sell a broad range of global products and services.
