eBay CEO Devin Wenig Resigns, Citing Differences with Board

eBay announced the resignation of President and CEO Devin Wenig, who said in departing after eight years at the helm that he’s been out of sync with the company’s new board, of which he was a member. He will be replaced on an interim basis by Scott Schenkel, eBay’s senior vice president and CFO.

eBay’s board has been taking stock of the business since March, when activist investors Elliott Management Corp. and Starboard Value LP became critical of its performance and called for breaking it up, according to the Wall Street Journal.

“Whenever (difference happen), it’s best for everyone to turn that page over,” Wenig said in a tweet. “It has been an incredible privilege to lead one of the world’s great businesses for the past 8 years. we grew, and transformed, and added to one of the most special communities in the world.”

Wenig also thanked eBay’s sellers, customers and employees. “You have made a lifelong impression on me that I won’t soon forget,” he continued. “eBay is an example of why we shouldn’t give up on big tech companies. It stands for economic democracy, and has a culture and community that are examples of how technology can enable, empower and bring us together. I will be forever grateful for having been given the honor to lead this special place, and I will always, always, be in eBay’s corner.”

“Devin has been a tireless advocate for driving improvement in the business, particularly in leading the company forward after the PayPal spinoff,” said eBay chairman Thomas Tierney in a release. “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 the new CEO is best for the company at this time.”

Tierney said that Schenkel was a “strong and dynamic leader who knows our business inside and out.”

“He has worked closely with our teams across the company to execute our strategy,” said Tierney.  We are confident that Scott’s experience at eBay positions him well to lead the company during this time.”

The company also announced that Andy Cring, eBay’s vice president, global financial planning and analysis has been appointed to serve as interim CFO.

CNBC reported that Schenkel joined eBay in 2007 as vice president of global financial planning and analysis. He has spent six years as the CFO of eBay’s marketplace before becoming CFO of the entire company.

Two months ago, Wenig sounded enthusiastic and upbeat about the company’s prospects as he keynoted the annual user event in Las Vegas. There, he announced a suite of fulfillment services for high-volume sellers to be rolled out in 2020 that many saw as a response to Amazon’s market dominance. In fact, he took a not-so-veiled shot at the ecommerce king.

“We don’t want to win the vast shipping game,” Wenig said at the event. “If you need paper to towels in four minutes, peace – we’re not your guys. But that doesn’t mean consumers don’t want more. Everyone wants it quicker, they want it tracked, they want in way that’s a retail standard, regardless of the item. Our winning value proposition is the inventory you provide, not shipping, but that doesn’t mean shipping’s not important.”

Shares of eBay dropped nearly 2% following Wenig’s departure.

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