EBay Inc (NASDAQ:EBAY) shares fell on Tuesday following news CEO Devin Wenig has stepped down amid pressure from outside investor groups and an internal review of its auxiliary assets.
The move comes after months of pressure from activist investment groups Elliott Management Corp and Starboard Value for the online auctioneer to sell off some of its business, according to a Reuters report, possibly including the ticketing service StubHub and eBay Classifieds.
Shares dropped 0.8% in midday trading to $39.24.
The company announced an internal review of it assets on March 1, and eBay now says it will provide an update in the fall.
When that update does come, it won’t be Wenig who provides it. The 52 year old stepped down after four years as eBay’s top dog.
“Given a number of considerations, both Devin and the board believe that a new CEO is best for the Company at this time,” ebay chairman Thomas Tierney said in a statement.
Stepping into the role on an interim basis is Scott Schenke, eBay’s CFO since 2015.
Schenkel first came to eBay in 2007 as vice president of global financial planning and analysis.
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