REUTERS: EBay on Wednesday replaced Chief Executive Officer Devin Wenig with finance head Scott Schenkel on an interim basis and said it continued to explore options for its businesses, sending its shares down nearly 2 per cent.
EBay had come under pressure from hedge funds Elliott Management Corp and Starboard Value to restructure and sell some of its businesses.In response, eBay in March announced a review of its ticketing unit, StubHub, and eBay Classifieds businesses. It had also agreed to appoint two new directors to its board as part of an agreement with activist investors to avert a proxy contest.Wenig, 52, is stepping down from the CEO role after more than four years at the helm.
"...Given a number of considerations, both Devin and the Board believe that a new CEO is best for the Company at this time," board chairman Thomas Tierney said in a statement.A dispute over sale of Classifieds business led to Wenig's departure, CNBC reported, citing sources.EBay also said its board will undertake a search for the next CEO.
Andy Cring, VP of Global Financial Planning and Analysis is appointed interim Chief Financial Officer, eBay said.