EBAY eBay Inc

By Allison Prang and Colin Kellaher 

EBay Inc. said Devin Wenig has stepped down as president, chief executive and a member of the board, a leadership shake-up that comes as the online marketplace conducts a strategic review of its business.

The exit may also reflect potential discord between the San Jose company's board and Mr. Wenig, who was the company's third leader since its founding in 1995 and who served in the role for more than four years.

EBay has been evaluating its business since March, after activist investors criticized the company's performance and called for breaking it up. The company, which has been searching for growth in light of steep online retail competition, has said it plans to share the results from that review this fall.

"In the past few weeks it became clear that I was not on the same page as my new Board," Mr. Wenig tweeted from his personal account Wednesday. "Whenever that happens, its [sic] best for everyone to turn that page over."

EBay said Chief Financial Officer Scott Schenkel will serve as CEO on an interim basis while it conducts a search for a successor, adding that it will consider internal and external candidates.

"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," Chairman Thomas Tierney said in a statement.

Earlier this year, eBay agreed to add three new board members after reaching agreements with activist investors Elliott Management Corp. and Starboard Value LP.

Elliott and Starboard had pressured the online marketplace company to rid itself of StubHub, a ticket-sales company. In addition, Elliott suggested that eBay could sell its core marketplace or work on re-energizing those operations.

EBay has tried to attract younger customers and worked to get brands to sell more of their products through the company's e-commerce platform.

The company also said Wednesday Andy Cring, currently vice president of global financial planning and analysis, will serve as interim finance chief.

Write to Allison Prang at allison.prang@wsj.com and Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 25, 2019 10:54 ET (14:54 GMT)

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