EBay’s CEO steps down, citing differences with the board of directors

(Reuters) – EBay Inc. (EBAY).(O) the Chief Executive Officer and Devin Wenig, having resigned on Wednesday, citing differences with the recently renewed board of directors, who will be looking to sell its operations in the midst of pressure from activist investors.

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

Wenig, who has been in the online auction and retail site, the CEO of the four-year period, it said in a tweet: “In the past few weeks, it became clear that I would not be on the same page as the my brand new Board of directors. In this case, it is the best thing for everyone is to turn that page.”

Earlier this year, eBay’s changes to the board of directors, and said it is exploring options for the ticketing system, StubHub, eBay Classifieds, businesses that are under pressure from hedge fund Elliott Management Corp., Starboard Value.

EBay, which faces stiff competition from the Inc. (AMZN.And Walmart Inc. (WMT.N), which is focused on the promoted listings program, and the payments made under Wenig’s leadership, as well as working to make the platform easier to use.

It beat Wall Street estimates for its second quarter results in its most recent report, as an effort to make the platform easier to navigate and more customers, which, in combination with the growth in the world of advertising and the payments business.

Wenig, 52, will be replaced by the company’s Chief executive Officer (ceo) and Scott Schenkel, on an interim basis, eBay said, adding that it was continuing a review of its businesses, and expects to provide an update in the autumn.

The company’s shares were down 1.9% at $38.79. She has gained 40% since the Wenig took over as managing director.

“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.

A dispute over the planned sale of its Ads business to Wenig’s departure, CNBC reported, citing sources.

In March, the company added, Jesse, and Cohn, that The ” s U. s. equity, activism, and practice, and with Matt Murphy, the chief executive officer of Marvell Technology (MRVL.D) a nominee of the Starboard side of his board.

EBay also said Wednesday that the board of directors will undertake a search for a new chief executive officer.

Andy Cring, vice president of Global Financial Planning and Analysis, was appointed interim Chief Financial Officer of the company.

The air and the Starboard side does not immediately respond to a request for comment.

Reporting Amal and Vibhuti Sharma in Bengaluru; Editing by shailesh Kuber and Saumyadeb Chakrabarty

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