This morning eBay announced that Devin Wenig has stepped down from the role of CEO. A former executive at Reuters, Wenig joined the company eight years ago this month as president of its global market place division. He was appointed to the CEO role in July 2015, following eBay’s spin-off of PayPal.
Scott Schenkel, the company’s senior vice president and chief financial officer, has been appointed interim CEO by eBay’s board. Schenkel has been with the company for 12 years, having previously spent several years in management at GE. EBay says it will “consider internal and external candidates” as it searches for someone to fill the position on a permanent basis.
The move comes amid turmoil at the company. Earlier this year, investors Elliott Management suggested key structural changes to help reinvigorate a floundering company. “Today eBay suffers from an inefficient organizational structure, wasteful spend and a misallocation of resources,” it wrote in a letter at the time. EBay went through layoffs and restructuring in the wake of the letter.