Welcome

EBay CEO Wenig Steps Down Amid Pressure to Sell off Assets (2)

Sept. 25, 2019, 1:13 PMUpdated: Sept. 25, 2019, 7:38 PM

EBay Inc. Chief Executive Officer Devin Wenig is stepping down amid pressure from activist investors to break the company apart.

Scott Schenkel, EBay’s chief financial officer, was appointed as interim CEO, the company announced Sept. 25. EBay said it will seek a permanent CEO and consider internal and external candidates. Shares fell less than 1% to $39.28 at 3:27 p.m. in New York.

Paul Singer’s Elliott Management Corp., which owns a 4% stake in EBay, demanded in January that the company make “urgently needed” changes, including selling assets, such as ticket-selling site StubHub and the Classifieds Group, and buying ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.