The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SAN JOSE, United States — EBay Inc Chief Executive Devin Wenig is stepping down amid the company's ongoing operating review.
Scott Schenkel, EBay’s chief financial officer, was appointed as interim CEO, the company announced Wednesday. The company said it will seek a permanent CEO and consider internal and external candidates.
EBay shares fell 1.6 percent in early trading in New York.
Wenig, 52, has been under pressure from activist Paul Singer, who has been pushing the company to spin off some of its businesses, including StubHub and the Classifieds Group. In March, EBay reached an agreement with Singer’s Elliott Management Corp and Starboard Value to appoint two new directors and undertake a strategic review of its portfolio assets.
ADVERTISEMENT
Wenig took over EBay following its split with PayPal in 2015 and made bold promises of returning the marketplace to prominence. To compete against Amazon.com Inc, Wenig tried to freshen EBay’s image with younger shoppers, made the site easier to navigate and harnessed artificial intelligence to give EBay merchants real-time insights about what shoppers want and how much they’re willing to pay. But the results have been slow going and EBay has continued to watch Amazon grow at a much faster pace and gobble up more marketshare and customers.
By Molly Schuetz; editor: Jillian Ward.
The Japanese apparel chain will be launching its sister brand GU in the US later this year, targeting younger consumers with lower prices and a curated selection of trendy wares.
Canada, France and Ireland are among the countries working with home-grown fashion talent to create uniforms for their teams at this summer’s Olympic Games. For these small labels, it’s an unprecedented opportunity to capitalise on one of sports’ largest events.
The online fashion retailer plans to update China’s securities regulator on the change of the initial public offering venue and file with the London Stock Exchange as soon as this month, a person with knowledge of the matter said.
The company, under siege from Arkhouse Management Co. and Brigade Capital Management, doesn’t need the activists when it can be its own, writes Andrea Felsted.