An eBay shakeup has execs considering selling off it’s assets, and it’s CEO suddenly steps down. Doc has to wonder if years of distrust has finally done the once wunderkind of eCommerce in. Whatever happened to the good old fun profitable days! 😥
From CNBC: eBay announced Wednesday that Devin Wenig is stepping down as president and CEO and the company is moving forward with the potential sale of assets.
Devin has been a tireless advocate for driving improvement in the business, particularly in leading the Company forward after the PayPal spinoff,” Chairman Thomas Tierney said in a 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.
Too many good sellers have been defrauded by bad buyers who file seller not as described (SNAD) claims. Often buyers send back a different or junk item. eBay instructs PayPal to refund the buyers money. The motivation in siding with the buyer is when the company keeps the sellers final value fee, and adds on a 4% penalty. Seller is out his money and item, and still owes eBay for it’s seller fees. Whatever happened to Trust and Community Values? 😥
Sure was fun buying and selling back in it’s early days. Not sure what will happen during this eBay shakeup. Though I’m hearing rumors of pending federal fraud charges that may drag PayPal along for the ride. Have a look around. There’s over 15 years of blogged eBay observations documented to date. Have any questions? Contact Doc! 😉