EBay Founder Pierre Omidyar Steps Down From Board
September 10 2020 - 8:18PM
Dow Jones News
By Maria Armental
EBay Inc. founder Pierre Omidyar stepped down from the company's
board as part of a broader overhaul that also has Elliott
Management Corp. partner Jesse Cohn leaving the board.
Mr. Cohn, one of billionaire Paul Singer's top lieutenants at
the activist hedge fund, joined eBay's board last year as part of
an agreement with Elliott.
Mr. Omidyar, who founded what was then AuctionWeb in 1995,
technically retired from the board, the company said, but will
remain director emeritus, an honorary title. As such, eBay said, he
may attend board meetings or board committee meetings when invited
by the board or the committee chair. He won't have voting
rights.
The departures aren't related to any disagreement with the
company, eBay said.
Joining the board are Carol Hayles, a Citigroup Inc. veteran who
most recently worked as CIT Group Inc.'s finance chief, and Mohak
Shroff, senior vice president of engineering at Microsoft Corp.'s
LinkedIn.
"Their appointments will add significant experience and
expertise at a critical time to support the technology-led
reimagination of eBay," said Paul Pressler, eBay's board
chairman.
Mr. Pressler credited Mr. Cohn for helping with eBay's operating
and portfolio reviews, "which resulted in margin expansion, the
sale of StubHub and the agreement to transfer eBay Classifieds to
Adevinta."
The California-based company has seen profit surge to $4.16
billion for the first half of the year as a large number of
consumers turned to online shopping during the coronavirus
pandemic. Revenue rose to $5.24 billion, up 8% from the comparable
period a year earlier, and the company now expects $2.85 to $3 a
share in annual profit on $10.56 billion to $10.75 billion in
revenue. Those projections assume the classifieds business results
are included in the entire year, the company said.
(END) Dow Jones Newswires
September 10, 2020 20:03 ET (00:03 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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