In a "leadership transition" statement, eBay's board said that Scott Schenkel, the company's senior vice president and chief financial officr, has been appointed as interim CEO.
The move comes amid ongoing pressure from the likes of activist investors including Elliott Management, which has been pushing eBay to sell off some of its divisions and streamline its operations to save costs and boost revenue -- among them the spinoff of PayPal as a standalone company.
"Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff," eBay Chairman Thomas Tierney said in the statement. "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."
EBay said in late January that it would "carefully review" proposals from Elliott and others including Starboard Capital following a letter it received that pushed the company to adopt a plan to increase shareholder value. The letter also accused management of letting eBay underperform "... its peers and the market for a prolonged period of time."
Elliott, which said at the time that it controlled a 4% stake in eBay worth more than $1.5 billion, said management should "turn its singular attention to growing and strengthening marketplace", asserting the group is "far from broken, and its future should be bright."
Shares of eBay were down 1.33% at $39.03 in trading on Wednesday.