What just happened? eBay on Wednesday announced that Devin Wenig would be stepping down as president and CEO. The company’s board of directors appointed Scott Schenkel as interim chief executive and will undergo a search to identify a permanent replacement, considering both internal and external candidates.

Wenig joined eBay as the leader of its global marketplaces business unit in late 2011. Under his watch, eBay’s active user count climbed from 99 million to nearly 160 million by focusing on mobile commerce.

When eBay spun off PayPal in 2015, Wenig was promoted to CEO to replace John Donahoe who transitioned to a board role.

No specific reason for Wenig’s departure was given. eBay simply said both Wenig and the board felt that a new CEO was best for the company at this time.

Scott Schenkel most recently served as eBay’s senior vice president and chief financial officer. He joined the online commerce pioneer in 2007 following a stint with GE and has held multiple positions over the years. He was promoted to CFO when Wenig got the call up to CEO.

Thomas Tierney, chairman of the eBay board, said they are confident that Schenkel’s experience positions him well to lead the company as they search for permanent leadership.

Masthead credit: eBay sign by JHVEPhoto