eBay announced this morning that Devin Wenig has resigned as CEO. Wenig, a former Reuters CEO, joined the company eight years ago this month as president of its global market division. He was named CEO in July 2015, following eBay's spinoff of PayPal.
"Devin has been a tireless advocate for business improvement, especially to lead the company forward after the PayPal spinoff," said Chairman Thomas Tierney in a news release. “EBay is actually stronger today than it was four years ago. Despite 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 move comes amid turmoil at the company. Earlier this year, investors Elliott Management proposed important structural changes to help revive a plunder "Today, eBay suffers from an inefficient organizational structure, waste of use and misallocation of resources," it wrote in a letter at the time. eBay went through layoffs and restructuring, in the wake of the letter.
As part of these new changes, eBay will appoint Vice President, Global Financial Planning and Analysis, Andy Cring, to the position of interim CFO.