Elliott Strikes Again: Devin Wenig has Stepped Down as Ebay CEO
Devin Wenig, formerly president, chief executive and a member of the board at Ebay has stepped down in a leadership shake-up that comes after a strategic review of its business.
“In the past few weeks it became clear that I was not on the same page as my new Board,” Mr. Wenig tweeted from his personal account Wednesday. “Whenever that happens, its [sic] best for everyone to turn that page over.”
Scott Schenkel, the CFO, will serve as CEO on an interim basis. A search will be conducted for a successor, Ebay saying, it will consider internal and external candidates.
“Notwithstanding this progress, given a number of considerations, both Devin and the board believe that a new CEO is best for the company at this time,” Chairman Thomas Tierney said in a statement.
Three members were added to the Board after reaching agreements with activist investors Elliott Management Corp. and Starboard Value LP.
Elliott, who has made news recently with its challenges to AT&T and Starboard had put pressure on Ebay to sell Stubhub. In addition, Elliott suggested that eBay could sell its core marketplace or work on re-energizing those operations.
The company also said Wednesday Andy Cring, currently vice president of global financial planning and analysis, will serve as interim finance chief.