E-commerce company eBay has formally announced the departure of its president and CEO Devin Wenig. The firm made its announcement on Wednesday, adding that it will be appointing its current CFO Scott Schenkel as its interim CEO. Schenkel has been the company's senior VP and CFO since 2015.
eBay Chairman Thomas Tierney mentioned in a statement that Devin had been a driving force in improving the business so far, but the company believes that it will require the services of a new leader as it attempts to enact significant changes within its operations. Tierney explained that both Devin and the company's board, after much consideration, had all agreed to the decision.
Schenkel added in the statement that the company will continue to provide great customer experience as they continue their search for a new leader. The executive stated that it will ensure a smooth transition as they focus on their strategic plan and current product initiatives.
Schenkel first joined eBay in 2007 and came on board as the company's vice president of global financial planning and analysis. He then transitioned to become the company's chief financial officer for eBay Marketplace, a position he held for six years before becoming CFO.
Wenig expressed his sentiments on social media following eBay's announcement, stating that it was a privilege to have served as the leader of one of the world's greatest business for the past 8 years. The now-former CEO explains that he and the company's new board had not been on the same page for the past few weeks and that it was likely the right time for him to exit.
eBay revealed in its statement that it will still be proceeding with its planned operations review and an update should become public within the fall. The company first announced its planned strategic portfolio review in March.
It was also rumored that the company was in the early process of considering substantial asset sales. The e-commerce firm then revealed not long after that it had sought the assistance of Goldman Sachs for the strategic review of its asset portfolio, particularly its StubHub ticket exchange and eBay Classifieds Group.
Due to intense competition from other e-commerce giants such as Amazon and Walmart, eBay has had to find ways to remain competitive. The company has since been trying to integrate new technologies into its platform, including the adoption of new payments platforms for its promoted listing program.
Through its efforts, eBay was able to report quarterly revenue of $2.69 billion and earnings of 68 cents per share for its second-quarter ending in June. Following the release of its report announcing the removal of Wenig, the company's stock prices slipped by close to 2 percent.
