SAN JOSE, Calif., April 16, 2020 /PRNewswire/ -- eBay Inc. ("eBay"
or the "Company") and Starboard Value LP (together with its
affiliates, "Starboard") today issued a joint statement.
Following the hiring of Jamie
Iannone as eBay's new CEO, Starboard has withdrawn its
nomination of director candidates for election at eBay's 2020
Annual Meeting of Stockholders. The Company anticipates holding the
2020 Annual Meeting in June.
In addition, eBay has announced today that the Company expects
to name a new independent director to its Board in the next few
months and, as part of its evaluation process of potential director
candidates, it will consider the individuals Starboard
nominated.
Tom Tierney, eBay's Chairman of
the Board, said, "We appreciate Starboard's thoughtful and
constructive dialogue over the past 20 months, including their
recent identification of highly-qualified Board candidates, whom we
look forward to meeting. This conclusion best positions our
Company and our new Chief Executive Officer to move forward and
achieve all that we and Starboard hope can be accomplished for our
stockholders, employees, and community of buyers and sellers."
Peter Feld, Managing Member of
Starboard, said, "We appreciate the constructive relationship we
have with eBay's Board of Directors and management team. We
are pleased with the Company's actions taken in connection with its
strategic portfolio review, including the completed sale of StubHub
and the recent confirmation that eBay has been exploring potential
value-creating alternatives for Classifieds with multiple parties,
and we are excited about the hiring of an accomplished CEO in
Jamie Iannone. We commend the
Board on these actions, which are aligned with our recommendations
and our shared goal of long-term stockholder value creation.
We are excited to build a relationship with Jamie, and we look
forward to sharing our views with him on the opportunities we see
to drive improvements in the Marketplace business."
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SOURCE eBay Inc.