EBay CFO Schenkel Steps in After CEO Resigns

“In the past few weeks it became clear that I was not on the same page as my new board,” CEO Devin Wenig tweets.
Matthew HellerSeptember 25, 2019

EBay CFO Scott Schenkel is taking over as chief executive after Devin Wenig resigned, citing disagreement with the board over the direction of the online marketplace.

Wenig’s departure comes nearly seven months after eBay’s board announced a strategic portfolio review, including its StubHub business, amid pressure from activist investors Elliott Management and Starboard Value.

The 7 Habits of Highly Effective CFOs

The 7 Habits of Highly Effective CFOs

Download our whitepaper to discover the technical and behavioral skills needed to lead your business forward.

“In the past few weeks it became clear that I was not on the same page as my new board,” Wenig said Wednesday in a tweet. “Whenever that happens, its [sic] best for everyone to turn that page over.”

EBay Chairman Thomas Tierney praised Wenig, who was named CEO in July 2015, as “a tireless advocate for driving improvement in the business,” particularly in leading the company forward after it spun off its PayPal division in 2015.

Scott Schenkel, now eBay’s interim CEO

“Indeed, eBay is stronger today than it was four years ago,” Tierney said. “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.”

Schenkel joined eBay in 2007 from General Electric and has served as CFO since 2015. “During his 12 years at eBay, Scott has demonstrated that he is a strong and dynamic leader who knows our business inside and out,” Tierney said.

EBay’s annual revenue has grown since the PayPal sale, totaling $10.75 billion last year. But growth has slowed and according to The Wall Street Journal, Wenig had “faced difficulties in growing the company from its roots as an online auction into more of a true marketplace.”

“Once an online juggernaut, eBay has struggled to match the growth of its larger rival, which commands about 38% of U.S. online retail sales, according to eMarketer, while eBay has just a 6% share,” the WSJ noted.

Elliott has pressured the company to unload StubHub and its classified advertising business.

“EBay’s strategic review of its asset portfolio, including StubHub and eBay Classifieds Group, is continuing to move forward,” the company said Wednesday.

Schenkel will be replaced as CFO on an interim basis by Andy Cring, currently vice president of global financial planning and analysis.