After serving as CEO for 4 years, Devin Wenig has stepped down from his role at eBay. Scott Schenkel, the company’s Senior Vice President and Chief Financial Officer, has been selected as the interim CEO by eBay’s board. This move was not completely out of nowhere as investors had previously pressured eBay to restructure its operations and minimize wasted spending. This has been a difficult year for the company, which has been forced into a series of layoffs to reorganize their business units.
eBay Chairman Thomas Tierney offered praise for Wenig, stating “Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff.” eBay has been considering selling their subsidiary ticketing site StubHub, as well as its online classified advertising business, as a part of their plans to restructure the business and boost shareholder value going forward. eBay shares are currently down about 2% in response to this news, but the company’s outlook still looks promising considering the continued rise of e-commerce.