In the news release, eBay Inc. Announces Leadership Transition,
issued 25-Sep-2019 by eBay Inc. over
PR Newswire, we are advised by the company that the sixth paragraph
should read "...non-GAAP EPS of $2.70
to $2.75 per share and GAAP EPS of
$1.97 to $2.07 per share..." rather than "...non-GAAP EPS
growth of $2.70 to $2.75 per share and GAAP EPS growth of
$1.97 to $2.07 per share..." as originally issued
inadvertently. The complete, corrected release follows:
eBay Inc. Announces Leadership Transition Scott Schenkel Appointed
Interim Chief Executive Officer
SAN JOSE, Calif., Sept. 25, 2019 /PRNewswire/ -- eBay Inc.
(NASDAQ: EBAY) today announced that the Company's Board of
Directors has appointed Scott
Schenkel, most recently eBay's Senior Vice President, Chief
Financial Officer, as interim Chief Executive Officer. This
appointment follows Devin Wenig
stepping down as President and CEO, and a director of the Company.
The eBay Board will undertake a search to identify the Company's
next CEO, and will consider internal and external candidates.
Thomas Tierney, Chairman of the
eBay Inc. Board, said, "During his 12 years at eBay, Scott has
demonstrated that he is a strong and dynamic leader who knows our
business inside and out. He has worked closely with our teams
across the Company to execute our strategy. We are confident that
Scott's experience at eBay positions him well to lead the Company
during this time."
Mr. Schenkel said, "eBay is an exciting and successful global
marketplace that is powered by our amazing team, iconic brand and
premier platform. In addition to our people who want to make a
difference, our leadership has experience and fresh
perspectives to build on our success. As the Board conducts a
search, we will continue to focus on our strategic plan and product
initiatives, while also ensuring a great customer experience and a
smooth transition. eBay is well positioned to deliver enhanced
value for our customers and shareholders alike."
Mr. Tierney added, "Devin has been a tireless advocate for
driving improvement in the business, particularly in leading the
Company forward after the PayPal spinoff. 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."
The Company also announced that Andy
Cring, eBay's Vice President, Global Financial Planning and
Analysis, has been appointed to serve as interim Chief Financial
Officer.
eBay reaffirmed its full year guidance for 2019 of organic
FX-neutral revenue growth of 2% to 3%, non-GAAP EPS of $2.70 to $2.75 per
share and GAAP EPS of $1.97 to
$2.07 per share.
eBay noted that its previously announced operating review is
ongoing, and the Company expects to provide an update this fall. In
addition, eBay's strategic review of its asset portfolio, including
StubHub and eBay Classifieds Group, is continuing to move forward
with the assistance of Goldman Sachs & Co. LLC.
About Scott Schenkel
Mr. Schenkel has served as Senior Vice President and Chief
Financial Officer of eBay Inc. since 2015, leading finance,
analytics and information technology, as well as eBay's Classifieds
business unit. Previously, he spent six years as Senior Vice
President and Chief Financial Officer of eBay Marketplace, where he
was responsible for overseeing finance, analytics, strategy and
innovation across the business. Mr. Schenkel joined eBay in 2007 as
Vice President of Global Financial Planning and Analysis.
Prior to eBay, Mr. Schenkel spent nearly 17 years at General
Electric in a variety of finance roles, including Chief Financial
Officer of GE Healthcare Clinical Systems, a global healthcare
equipment and clinical information technology solutions provider,
Chief Financial Officer for GE Plastics Europe and Chief Financial
Officer of GE Lighting Europe. Mr. Schenkel began his career as
part of GE's Financial Management Program with its Power
Distribution division in North
Carolina.
Mr. Schenkel currently serves on the board of NetApp as Chair of
its Audit Committee. He received his B.S. from Virginia Polytechnic Institute and State
University's Pamplin College of Business.
About Andy Cring
Mr. Cring has served as Vice President of Global Financial
Planning and Analysis at eBay Inc. since joining the Company in
2013. Mr. Cring has been responsible on a global basis for
financial oversight of all functions at eBay, including technology,
marketing and operations. Prior to eBay, Mr. Cring served as Senior
Vice President of FP&A at Yahoo! from 2009 to 2012. Before
joining Yahoo!, Mr. Cring spent 17 years at General Electric in a
variety of finance roles, including Chief Financial Officer of
Sensing and Inspection Technologies as well as Financial Planning
and Analysis leader at both GE Lighting and GE Plastics. Mr. Cring
began his career as part of GE's Financial Management Program with
its Lighting division in Cleveland,
Ohio.
Mr. Cring received his M.B.A from Clarkson
University and his B.A. in Economics from St. Lawrence University.
About eBay
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including
the Marketplace, StubHub and Classifieds platforms. Collectively,
we connect millions of buyers and sellers around the world,
empowering people and creating opportunity for all. Founded in 1995
in San Jose, Calif., eBay is one
of the world's largest and most vibrant marketplaces for
discovering great value and unique selection. In 2018, eBay enabled
$95 billion of gross merchandise
volume. For more information about the company and its global
portfolio of online brands, visit www.ebayinc.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on the company's current expectations, forecasts and
assumptions and involve risks and uncertainties. These statements
include, but are not limited to, statements regarding the future
performance of eBay Inc. and its consolidated subsidiaries,
including full year guidance for 2019, leadership changes and the
company's operating and strategic reviews. Actual results could
differ materially from those predicted or implied, and reported
results should not be considered as an indication of future
performance. Other factors that could cause or contribute to such
differences include, but are not limited to: changes in political,
business and economic conditions, any regional or general economic
downturn or crisis and any conditions that affect ecommerce growth
or cross-border trade; the company's ability to realize expected
growth opportunities in payments intermediation and advertising;
the outcome of the operating and strategic portfolio reviews;
fluctuations in foreign currency exchange rates; the company's need
to successfully react to the increasing importance of mobile
commerce and the increasing social aspect of commerce; an
increasingly competitive environment for its business; changes to
the company's capital allocation, including the timing,
declaration, amount and payment of any future dividends or levels
of the company's share repurchases, or management of operating
cash; the company's ability to manage its indebtedness, including
managing exposure to interest rates and maintaining its credit
ratings; the company's need to manage an increasingly large
enterprise with a broad range of businesses of varying degrees of
maturity and in many different geographies; the company's need and
ability to manage regulatory, tax, data security and litigation
risks; whether the operational, marketing and strategic benefits of
the separation of the eBay and PayPal businesses can be achieved;
the company's ability to timely upgrade and develop its technology
systems, infrastructure and customer service capabilities at
reasonable cost while maintaining site stability and performance
and adding new products and features; and the company's ability to
integrate, manage and grow businesses that have been acquired or
may be acquired in the future.
The forward-looking statements in this press release do not
include the potential impact of any acquisitions or divestitures
that may be announced and/or completed after the date hereof.
More information about factors that could affect the company's
results is included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the company's most recent Annual Report
on Form 10-K and subsequent quarterly reports on Form 10-Q, copies
of which may be obtained by visiting the company's Investor
Relations website at https://investors.ebayinc.com or the
SEC's website at www.sec.gov. Undue reliance should not be placed
on the forward-looking statements in this press release, which are
based on information available to the company on the date hereof.
The company assumes no obligation to update such statements.
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SOURCE eBay Inc.