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eBay CEO Exits Amid Asset Sale Review

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eBay Chief Executive and President, Devin Wenig, has exited the company following tensions with the e-commerce behemoth’s board, and an ongoing strategic asset sale review.

Shares have dipped as much as 2% following the news.

The news comes as e-retail competition (e.g. from Amazon) continues to intensify, with rivals expanding their private label portfolio and intensifying market pressure.

eBay claims its previously announced operating review is “ongoing”, with an update expected to be provided in coming month.

Chief Financial Officer, Scott Schenkel, has been appointed interim CEO.

“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,” claims Chairman, Thomas Tierney, in a statement.

“As the Board conducts a search, we will continue to focus on our strategic plan and product initiatives, while also ensuring a great customer experience and a smooth transition.”

The company has reconfirmed its 2019 earnings per share guidance.

The news comes after Amazon Australia announced it was launching its ‘Renewed’ program for ‘as new’ used goods, further taking on eBay locally.

eBay Australia has continued to ramp up its digital capabilities, with the integration of Google Assistant searching, and its premium membership service ‘eBay Plus’ competing with Amazon Prime.

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