Home News EBay C.E.O. Steps Down, Citing Differences With Board

EBay C.E.O. Steps Down, Citing Differences With Board

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EBay Chief Executive Devin Wenig stepped down on Wednesday, citing variations with the corporate’s just lately revamped board, which is seeking to promote a few of its companies.

Mr. Wenig, who’s been the net public sale and retail web site’s C.E.O. for 4 years, mentioned in a tweet: “In the past few weeks it became clear that I was not on the same page as my new board. Whenever that happens, it’s best for everyone to turn that page over.”

Earlier this 12 months, eBay made adjustments to its board and mentioned it’s exploring choices for its ticketing unit, StubHub, and eBay Classifieds companies, after coming underneath stress from hedge funds Elliott Management Corp and Starboard Value.

Mr. Wenig, 52, will likely be changed by Scott Schenkel, its chief monetary officer, on an interim foundation, eBay mentioned, including that it was persevering with a assessment of its companies and expects to offer an replace this fall.

“Given a number of considerations, both Devin and the Board believe that a new C.E.O. is best for the Company at this time,” board Chairman Thomas Tierney mentioned in a press release.

In March, the corporate added Jesse Cohn, who runs Elliott’s U.S. fairness activism observe, and Matt Murphy, the C.E.O. of Marvell Technology and a nominee of Starboard, to its board.

EBay additionally mentioned on Wednesday its board will undertake a seek for a brand new C.E.O.

Andy Cring, vice chairman of Global Financial Planning and Analysis, was named interim chief monetary officer.

Elliott and Starboard didn’t instantly reply to a request for remark.

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