EBay CEO out: shares slip on shakeup

FILE - This Tuesday, July 16, 2013, file photo shows signage at eBay headquarters in San Jose, Calif. EBay Inc. reports quarterly financial results on Wednesday, Oct. 15, 2014. (AP Photo/Ben Margot, File)

Chief Executive Officer Devin Wenig is stepping down at eBay, marking a transition for the online retail giant. The company's Chief Financial Officer Scott Schenkel will step in as interim CEO as the company's stock prices dropped Wednesday morning on the news of the shakeup.

The news comes against the backdrop of a recent bounce in eBay’s stock, rebounding from $26.01 in late December to $39.56 at Tuesday's close. The news comes as a bit of a surprise as eBay’s quarterly earnings were expected to rise in the third quarter.

In a statement released by Schenkel, he was confident on building the global brand of eBay. This includes success in recent months with promoted listings.

“EBay is an exciting and successful global marketplace that is powered by our amazing team, iconic brand and premier platform,” Schenkel said in a statement.

“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.”

Early morning trading showed a downward trend for eBay's stock given the ucnertainty of the company's direction.

Ticker Security Last Change Change %
EBAY EBAY, INC. 75.97 +1.25 +1.67%

Also on Wednesday, vaping company Juul announced that CEO Kevin Burns will be replaced.