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Early this morning eBay has announced that Devin Wenig will be stepped down as the new role of CEO of the company.

He joined the company eight years ago as an executive at Reuters, And today he steps down as president of its global market place.

eBay Inc. is an American multinational e-commerce corporation based in San Jose, California that facilitates consumer-to-consumer and business-to-consumer sales through its website.

eBay was founded by Pierre Omidyar in the autumn of 1995, and became a notable success story of the dot-com bubble.

In 2015 he was appointed to be the CEO of PayPal following eBay’s spinoff.

“Devin has been a tireless advocate for driving improvementt in the business, particularly in leading the company forward after the PayPal spinoff”

In a release tied to the news chairman of the board Thomas Tierney said that

“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’s Senior Vice President and Chief Financial Officer Scott Schenkel has also been appointed interim CEO by eBay’s board.

He has been with the company for 12 years, having previously spent several years in management at GE, and eBay says it will.

“consider internal and external candidate”

Earlier this year Elliot had suggested a key structural change to help reinvigorate a floundering company.

“Today eBay suffers from an inefficient organizational structure, wasteful spend and a misallocation of resources,”

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eBay will be appointed Vice President, Global Financial Planning and Analysis, Andy Cring, to the position of interim CFO.