EBAY eBay Inc

By Colin Kellaher

EBay Inc. (EBAY) President and Chief Executive Devin Wenig has resigned amid disagreements with the online marketplace's board.

"In the past few weeks it became clear that I was not on the same page as my new board," Mr. Wenig said in a post on his Twitter account. "Whenever that happens, it's best for everyone to turn that page over."

Under pressure from activist investors, including Elliott Management Corp., 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.

The company also agreed to add Elliott partner Jesse Cohn and Marvell Technology Group Ltd. (MRVL) CEO Matthew Murphy to its board.

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

In a statement on Wednesday, 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.

Mr. Wenig in July said eBay was making significant progress with its review, and the company 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.

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. Schenkel, who joined eBay in 2007, has been finance chief 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 CFO.

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

(END) Dow Jones Newswires

September 25, 2019 10:37 ET (14:37 GMT)

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