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EBay Falls Midday After CEO Steps Down

Investing.com
Updated

Investing.com - Auction and retail site eBay (NASDAQ:EBAY) slipped on Wednesday after CEO Devin Wenig announced he was stepping down from the company due to differences with its revamped board of directors.

Wenig said in a tweet that "In the past few weeks it became clear that I was not on the same page as my new Board. Whenever that happens, it's best for everyone to turn that page over."

EBay had made changes to its board earlier in the year and is looking to sell some of its business after pressure from hedge funds Elliott Management and Starboard Value.

Wenig will be replaced by Chief Financial Officer Scott Schenkel on an interim basis.

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Shares of eBay (NASDAQ:EBAY) were down 1.5% in midday trade.

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