eBay CEO Devin Wenig Resigns, Cites Differences With Board
eBay CEO Devin Wenig parted ways with the company yesterday, according to Reuters. Wenig, who has been in the role for four years, cited differences with eBay's board of directors as the reason he decided to step down. Recently, the board was revamped and is looking to sell some of the company's assets, Reuters reported.
“In the past few weeks it became clear that I was not on the same page as my new board," Wenig said in a tweet. "Whenever that happens, it’s best for everyone to turn that page over.”
After pressure from hedge funds Elliott Management Corp and Starboard Value, eBay made changes to its board earlier this year and said it is exploring options for its ticketing unit, StubHub, and eBay Classifieds.
eBay's Chief Financial Officer Scott Schenkel will replace Wenig as interim CEO.
Total Retail's Take: eBay has been facing intense competition from other e-commerce leaders, including Amazon.com and Walmart. The company has been trying different strategies to compete and grow marketshare, such as focusing on personalization by launching new pages that provided customers with personal recommendations. Those recent efforts helped eBay beat Wall Street's estimates for quarterly results in its latest financial report. In order to keep the momentum going, however, eBay's CEO and board need to be on the same page in terms of the company's future direction. Wenig and the current board were not.
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