Earlier today, eBay announced that its current Chief Executive Officer, Devin Wenig was being replaced by Scott Schenkel.
According to eBay, Schenkel will leave his position as the Chief Financial Officer to assume the role of interim CEO while the board undertakes a search for the next CEO.
Prior to this decision, eBay had been on the receiving end of pressure from hedge funds Elliott Management Corp and Starboard Value to restructure and sell some of its businesses. As a result of this pressure, eBay made the decision to review its ticketing unit StubHub, and eBay Classifieds businesses.
According to the e-commerce company, the review of its businesses is ongoing with assistance from Goldman Sachs and an update would be received soon.
Devin announced his resignation in a tweet where he said, “In the past few weeks it became clear that I was not on the same page as my new Board. Whenever that happens, its best for everyone to turn that page over. It has been an incredible privilege to lead one of the worlds great businesses for the past 8 years.”
The Board chairman Thomas Tierney praised Devin for his contributions to the company.
“Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff. 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,”Thomas Tierney, Board Chairman
EBay has faced increasing competition from other e-commerce giants like Amazon and Walmart and has taken measures to keep its services simple to use and effective as well.
The company adopted a new payment platform and also worked on simplifying customer’s buying experience by launching new pages that offered more personalised listings and recommendations.
These efforts have shown in the quarterly revenue reported by the company. It remains to be seen what this change will mean for eBay.
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