Devin Wenig, the Chief Executive of the popular e-commerce platform E-Bay Inc., has recently left this online marketplace noting conflicts with new board members in the company that has been overseeing the strategic business review for the company. E-Bay Inc., based in San Jose, California has recently been evaluating the business-critical since the month of March post the criticism coming from activist investors Starboard Value LP & Elliott Management Corporation. The company has been criticized for its performance & was called for an urgent breakup of the company.
Given the steep competition seen in the online retail market, the company had been searching for hope of growth but hadn’t succeeded in any way. Now the company will share its results from the review conducted during the fall for its declining market. Wenig, who also has plans to step down from the position of the board director, had served as the CEO for the company for 4+ years. He joined this company as the president for its online marketplace that generates a significant chunk of the revenue made by eBay.
As per the latest tweet by Wenig from his personal Twitter account, he noted that in the recent few weeks it was clear to him that he wasn’t working in sync with the new board members. He also mentioned that whenever this situation arises, it is best for each one involved in the matter to turn over this page and move ahead to the next one.
eBay refrained from commenting over the tweet posted by Wenig. Thomas Tierney, the Chairman of the company mentioned in his statement that this decision to bring in a new company CEO comes from a lot of considerations that will lead to the benefit of the company. As per information, Scott Schenkel, the Chief Financial Officer of the company will take over as the CEO for the time period until the company finds a suitable candidate to take charge. The company also added that it would consider both external as well as internal candidates for the position.
While Schenkel holds the positions as the interim CEO, his own position shall be managed by Andy Cring, who is the current VP for Global Financial Planning & Analysis. On Wednesday, the shares for eBay dropped down by 1.7 percent. All-in-all, the company stocks have racked up by 39 percent over the course of the year.
Wenig had joined eBay as the CEO after they let go of the company PayPal in the year 2015.