EBAY eBay Inc

By Colin Kellaher

Online auctioneer eBay Inc. (EBAY) Wednesday said Devin Wenig has stepped down as president, chief executive and a member of the board.

The San Jose company said Chief Financial Officer Scott Schenkel has stepped in as interim CEO while it conducts a search for a successor, adding that it will consider internal and external candidates.

Mr. Wenig was named president and CEO in July 2015 after a stint as president of eBay's Marketplaces business.

In a statement, Chairman Thomas Tierney said eBay is a stronger company than it was when Mr. Wenig took the helm 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," Mr. Tierney said.

Under pressure from activist investors, eBay earlier this year said it would conduct an internal review of its assets, including a possible sale or spinoff of its online ticket platform StubHub and its classifieds business.

Mr. Wenig in July said eBay was making significant progress with the review, and the company on Wednesday said the process continues to move forward, adding that it has enlisted Goldman Sachs to assist.

EBay said it expects to provide an update on the review later this fall.

Mr. Schenkel, who joined eBay in 2007, has been senior vice president and chief financial officer since 2015.

EBay said Andy Cring, who has been vice president of global financial planning and analysis since joining the company in 2013, will serve as interim chief financial officer.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 25, 2019 09:59 ET (13:59 GMT)

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