eBay announced Wednesday that Devin Wenig is stepping down as chief executive and as a director on the board. The company's finance chief Scott Schenkel has been appointed interim CEO while the eBay Board searches for a new permanent CEO.
"Devin has been a tireless advocate for driving improvement in the business, particularly in leading the company forward after the PayPal spinoff," said eBay chairman Thomas Tierney. "Indeed, eBay is stronger today than it was four years ago. 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."
In March eBay faced investor-led pressure to restructure and sell some of its businesses. In response, the company's board approved a strategic review of eBay's assets, including StubHub and eBay Classifieds Group. At that point eBay began working with prominent shareholders Elliott Management and Starboard Value as it reviewed strategic options. eBay previously added two independent directors to its board as part of the review agreement with activist investors.
The investor talks harken to eBay's tumultuous split from its former payments subsidiary PayPal. eBay announced plans to spin off PayPal into a separate publicly traded company in late 2014 following months of speculation -- much of which came as a result of some very public criticism from shareholder and prominent financier Carl Icahn.
eBay's current portfolio is far less valuable without PayPal in the mix. In eBay's most recent financial report, StubHub delivered revenue of $264 million and its Classifieds platforms revenue came to $271 million, up 5% from the year prior.