American multinational e-commerce corporation eBay Inc announced Wednesday that its Chief Executive Officier Devin Wenig has walked away as new replacement is yet to be found.
Founded in1995, eBay became a notable success story of the dot-com bubble. It is based in San Jose, California – it facilitates consumer-to-consumer and business-to-consumer sales through its website.
By the announcement of Devin’s step down news, eBay’s share price on NASDAQ plummeted to $38.62 dropping by -0.97 representing a 2.45% drop.
Wenig, 52, is stepping down from the CEO role after more than four years at the helm.
The company said it has appointed Scott Schenkel, eBay’s senior vice president and chief financial officer, as interim CEO while it conducts a search to identify the company’s next chief executive.
eBay also said Wednesday that it is continuing a strategic review of its assets, including ticket sales website StubHub and the Classifieds Group.
A dispute over sale of Classifieds business led to Wenig’s departure – according insiders with knowledge on the dynamics of this company said.
The company said it plans to provide an update on that process very soon.
Meanwhile other reports indicated that eBay had come under pressure from hedge funds Elliott Management Corp and Starboard Value to restructure and sell some of its businesses.
In response, eBay in March announced a review of its ticketing unit, StubHub, and eBay Classifieds businesses.
It had also agreed to appoint two new directors to its board as part of an agreement with activist investors to avert a proxy contest.
The Express News
