(Reuters) – EBay Inc. (EBAY).O on Wednesday, replacing the Chief Executive Officer and Devin Wenig, with the finance head, and Scott Schenkel, on an interim basis, and said that it will continue to explore options for the business, sending its shares down nearly 2 per cent.
FILE PHOTO: Devin Wenig, the President and chief executive officer of eBay, speaks at the 2019 Milken Institute Global Conference in Beverly Hills, California, united states, April 30, 2019. REUTERS/Lucy Nicholson
EBay came under pressure from hedge fund Elliott Management Corp., Starboard Value, to re-structure the sales of the business.
In response, eBay in March, it announced a review of the ticketing system, StubHub, and eBay’s Classifieds businesses. It was also agreed that the appointment of two new directors to the board of directors, as part of an agreement with the activist investor to stave off a proxy contest.
The review has now been completed and it is expected to have an update this fall, the company said on Wednesday.
Wenig, 52, is stepping down from the CEO role after more than four years at the helm.
“…For a number of reasons, both Devin and the Board of directors is of the opinion that the new chief executive officer, is best for the Company at this time,” board chairman Thomas Tierney, said in a statement.
There is a dispute about the sale of Advertising in business has led to Wenig’s departure, CNBC reported, citing sources.
Wenig does not immediately respond to a request for comment on LinkedIn is.
EBay also said that its board of directors will undertake a search for the next chief executive officer.
Andy Cring, vice-president, Global Financial Planning and Analysis, has been appointed as the interim Chief Financial Officer of eBay, she said.
Reporting Amal in Bengaluru; Editing by shailesh Kuber