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eBay Appoints Interim CEO as Devin Wenig Makes Sudden Exit

ebay - San Jose site 725 x 500.jpg

eBay Inc. 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.

About Scott Schenkel

Mr. Schenkel has served as Senior Vice President and Chief Financial Officer of eBay Inc. since 2015, leading finance, analytics and information technology, as well as eBay's Classifieds business unit. Previously, he spent six years as Senior Vice President and Chief Financial Officer of eBay Marketplace, where he was responsible for overseeing finance, analytics, strategy and innovation across the business. Mr. Schenkel joined eBay in 2007 as Vice President of Global Financial Planning and Analysis.

Prior to eBay, Mr. Schenkel spent nearly 17 years at General Electric in a variety of finance roles, including Chief Financial Officer of GE Healthcare Clinical Systems, a global healthcare equipment and clinical information technology solutions provider, Chief Financial Officer for GE Plastics Europe and Chief Financial Officer of GE Lighting Europe. Mr. Schenkel began his career as part of GE's Financial Management Program with its Power Distribution division in North Carolina.

Mr. Schenkel currently serves on the board of NetApp as Chair of its Audit Committee. He received his B.S. from Virginia Polytechnic Institute and State University's Pamplin College of Business.

About Andy Cring

Mr. Cring has served as Vice President of Global Financial Planning and Analysis at eBay Inc. since joining the Company in 2013. Mr. Cring has been responsible on a global basis for financial oversight of all functions at eBay, including technology, marketing and operations. Prior to eBay, Mr. Cring served as Senior Vice President of FP&A at Yahoo! from 2009 to 2012. Before joining Yahoo!, Mr. Cring spent 17 years at General Electric in a variety of finance roles, including Chief Financial Officer of Sensing and Inspection Technologies as well as Financial Planning and Analysis leader at both GE Lighting and GE Plastics. Mr. Cring began his career as part of GE's Financial Management Program with its Lighting division in Cleveland, Ohio.

Mr. Cring received his M.B.A from Clarkson University and his B.A. in Economics from St. Lawrence University.

Source : eBay Inc

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25 September 2019

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