The president and CEO of eBay Devin Wenig is stepping down, the online auction site announced on Wednesday. As of late Wednesday morning, share prices in the company — which has struggled to find its place in an e-commerce market dominated by Amazon — were down more than 2 percent.
The company's senior vice president and chief financial officer Scott Schenkel will take his place as interim CEO until the company finds a replacement.
"[W]e will continue to focus on our strategic plan and product initiatives, while also ensuring a great customer experience and a smooth transition," Schenkel said in a prepared statement. "eBay is well positioned to deliver enhanced value for our customers and shareholders alike."
"Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff," the chairman of the eBay board, Thomas Tierney, said in a prepared statement.
After the announcement, Wenig tweeted that he and the board "were not on the same page" and that it was "best for everyone" for the company to move forward without him.
While noting the company is "stronger today than it was four years ago," Tierney said "that given a number of considerations, both Devin and the Board believe that a new CEO is best for the Company at this time."
The transition in leadership comes as eBay has faced pressure from the investment management firm Elliott Management Corporation to make significant changes, including the potential sale of StubHub and the eBay Classified Group.
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
