BREAKING: eBay CEO Devin Wenig is stepping down as the company continues review of potential sale of assets

[tacobell fan]

eBay Inc. (NASDAQ: EBAY) today announced that the Company's Board of Directors has appointed Scott Schenkel, most recently eBay's Senior Vice President, Chief Financial Officer, as interim Chief Executive Officer. This appointment follows Devin Wenig stepping down as President and CEO, and a director of the Company. The eBay Board will undertake a search to identify the Company's next CEO, and will consider internal and external candidates.

Thomas Tierney, Chairman of the eBay Inc. Board, said, "During his 12 years at eBay, 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 during this time."

Mr. Schenkel said, "eBay is an exciting and successful global marketplace that is powered by our amazing team, iconic brand and premier platform. In addition to our people who want to make a difference, our leadership has experience and fresh perspectives to build on our success. 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. eBay is well positioned to deliver enhanced value for our customers and shareholders alike."

Mr. Tierney added, "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."

The Company also announced that Andy Cring, eBay's Vice President, Global Financial Planning and Analysis, has been appointed to serve as interim Chief Financial Officer.

eBay reaffirmed its full year guidance for 2019 of organic FX-neutral revenue growth of 2% to 3%, non-GAAP EPS growth of $2.70 to $2.75 per share and GAAP EPS growth of $1.97 to $2.07 per share.

eBay noted that its previously announced operating review is ongoing, and the Company expects to provide an update this fall. In addition, eBay's strategic review of its asset portfolio, including StubHub and eBay Classifieds Group, is continuing to move forward with the assistance of Goldman Sachs & Co. LLC.

[Sreeven]

EBay one of the best inventory unfortunately they didn't plan the future properly