eBay stock bleeds on CEO Devin Wenig’s departure

Online marketplace platform eBay (NASDAQ: EBAY), which is in the midst of an asset sale review, said on Wednesday Devin Wenig is stepping down as its CEO and President. The company’s CFO Scott Schenkel would serve as the interim CEO till a replacement is made.

Schenkel has been eBay’s CFO since 2015. He joined the company in 2007, prior to which, he has served in a variety of finance roles at General Electric (NYSE: GE)

eBay’s Vice President, Global Financial Planning and Analysis Andy Cring will, meanwhile, become the interim CFO.

eBay stock opened down 2.5% on Wednesday. The stock has gained 34% since the beginning of this year.

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

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StubHub sale under review

In a release, the San Jose, California-based firm noted that its review of jettisoning assets including ticket exchange firm StubHub and Classifieds Group is proceeding as announced earlier, under the assistance of Goldman Sachs.

The company had made its intention to sell these assets earlier in March after activist investor group Elliott Management Corp proposed the same.   

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eBay also said it is keeping its guidance on full-year 2019 organic FX-neutral revenue growth unchanged at 2-3%.

The outlook was reaffirmed on non-GAAP EPS in the range of $2.70 to $2.75 per share and GAAP EPS in the range of $1.97 to $2.07 per share.

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