Devin Wenig steps down as eBay CEO

This morning eBay announced that Devin Wenig has stepped down from the role of CEO. A former executive at Reuters, Wenig joined the company eight years ago this month as president of its global market place division. He was appointed to the CEO role in July 2015, following eBay’s spin-off of PayPal.

“Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff,” Chairman of the Board Thomas Tierney said in a release tied to the news. “Indeed, eBay is stronger today than it was four years ago. Notwithstanding this progress, given a number of considerations, both Devin and the board believe that a new CEO is best for the company at this time.”

Scott Schenkel, the company’s senior vice president and chief financial officer, has been appointed interim CEO by eBay’s board. Schenkel has been with the company for 12 years, having previously spent several years in management at GE. EBay says it will “consider internal and external candidates” as it searches for someone to fill the position on a permanent basis.

The move comes amid turmoil at the company. Earlier this year, investors Elliott Management suggested key structural changes to help reinvigorate a floundering company. “Today eBay suffers from an inefficient organizational structure, wasteful spend and a misallocation of resources,” it wrote in a letter at the time. EBay went through layoffs and restructuring in the wake of the letter.

As part of these new changes up top, eBay will be appointing Andy Cring, vice president, Global Financial Planning and Analysis, to the position of interim CFO.

This article was originally published on TechCrunch.com. Read More on their website.

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