eBay CEO Devin Wenig Steps Down, Replaced by SVP, CFO

eBay’s president and CEO has stepped down.

Devin Wenig, who joined the e-commerce giant eight years ago as president of its global marketplace division, has been replaced by SVP and CFO Scott Schenkel. The new chief — a 12-year veteran of the company — will serve as interim CEO as its board of directors conduct the search for its next leader. eBay said it is considering both internal and external candidates.

“Devin has been a tireless advocate for driving improvement in the business, particularly in leading the company forward after the PayPal spinoff,” chairman Thomas Tierney said in a statement. “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.”

Tierney added, “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.”

In a press release, eBay emphasized the company’s focus on its strategic plan and product initiatives during the transition. It comes during a period of turbulence for the retailer, which announced restructuring operations and worker layoffs early this year.

Along with the announcement, the San Jose, Calif.-based company has named VP of global financial planning and analysis Andy Cring as interim CFO.

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