EBay CEO Devin Wenig leaves

  • Push-out Score determined
  • After about four years in the position
  • Praise for Wenig
  • Scott Schenkel taking over in the interim
  • Search for a successor

(exechange) — San Jose, California, September 25, 2019 — Devin Wenig, chief executive of EBay, leaves. As announced by EBay Inc. in a news release on Wednesday, September 25, 2019, Devin N. Wenig leaves his post as Chief Executive Officer at the online auctioneer after about four years in the role.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.

The exact date of Devin Wenig’s departure from his post was not explicitly specified in the announcement.

EBay will undertake a search for a successor.

Devin Wenig’s duties as CEO will be taken over in the interim by Scott F. Schenkel, most recently Chief Financial Officer of EBay Inc., as interim Chief Executive Officer.

EBay has already removed the name of Wenig as Chief Executive Officer from the leadership page and lists Scott Schenkel as Interim Chief Executive Officer.

“A new CEO is best for the Company”

A reason for Devin Wenig’s departure from the CEO post was not explicitly provided. Thomas Tierney, Chairman of the EBay Inc. Board, said: “[G]iven a number of considerations, both Devin and the Board believe that a new CEO is best for the Company at this time.”

Precise information regarding Devin Wenig’s future plans was not immediately available.

“Stepping down”

EBay said: “This appointment follows Devin Wenig stepping down as President and CEO, and a director of the Company.”

Share price increase since July 2015

The announcement follows an increase in EBay Inc.’s share price of 51% since July 2015.

Chaired by Thomas Tierney

EBay Inc. is chaired by Thomas Tierney.

In the position of CEO since 2015

Devin Wenig became CEO of the Company in July 2015.

Wenig has been President and Chief Executive Officer at EBay since July 2015.

From 2011 to July 2015, Wenig served as President of EBay’s Marketplaces business.

Previously, Wenig spent 18 years at Thomson Reuters, where he served as CEO of its largest division, Thomson Reuters Markets, from 2008 to 2011.

In that role, he led the global financial services and media businesses, which provide information, analytics and technology services to professionals in the financial services, media, and corporate markets globally, as well as to individuals through its consumer media arm.

From 2006 to 2008, Wenig was Chief Operating Officer of Reuters, a global media company.

In that role, he led Reuters’ consumer media and Internet strategy and was responsible for the company’s data, information, and analytical products, as well as the sales, information technology, and global marketing functions.

Prior to that, Wenig served on the Reuters board of directors and was president of Reuters’ Business Divisions from 2003 to 2006, where he was responsible for leading the revitalization of Reuters and its four business segments.

Wenig also serves on the board of directors of General Motors.

He is currently a member of the Business Council and is the co-chair of the World Economic Forum’s Consumer Industries Steering Committee.

Wenig received his B.A. from Union College and his J.D. from Columbia University School of Law.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.

exechange reached out to EBay and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 39.2019 ($).