EBay Inc Chief Executive Officer Devin Wenig stepped down on Wednesday, citing d...
), has focused on its promoted listings program and payments business under Wenig’s leadership, as well as worked to make its platform simpler to use.
It beat Wall Street estimates for quarterly results in its latest report, as efforts to make its platforms easier to navigate attracted more customers, coupled with growth in its advertising and payments businesses. Wenig, 52, will be replaced with Chief Financial Officer Scott Schenkel on an interim basis, eBay said, adding that it was continuing a review of its businesses and expects to provide an update this fall.“Given a number of considerations, both Devin and the Board believe that a new CEO is best for the Company at this time,” board Chairman Thomas Tierney said in a statement.
A dispute over the proposed sale of the Classifieds business led to Wenig’s departure, CNBC reported, citing sources. In March, the company added Jesse Cohn, who runs Elliott’s U.S. equity activism practice, and Matt Murphy, the CEO of Marvell Technology and a nominee of Starboard, to its board.Andy Cring, VP of Global Financial Planning and Analysis, was named interim Chief Financial Officer.Reporting by Amal S and Vibhuti Sharma in Bengaluru; Editing by Shailesh Kuber and Saumyadeb Chakrabarty
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