Activist Investor Withdraws Nominees for eBay Board After Company Names CEO
16 Aprile 2020 - 5:09PM
Dow Jones News
By Allison Prang
Activist investor Starboard Value LP has withdrawn its nominees
for eBay Inc.'s board after the online marketplace company named a
new chief executive, the companies said Thursday.
EBay also said it expects to select a new independent board
director and will consider the people Starboard nominated. EBay
will choose that new director in the next few months.
EBay said Monday said that Jamie Iannone -- who worked at eBay
from 2001 to 2009 -- will become its chief executive officer April
27.
Mr. Iannone recently worked as Walmart Inc.'s chief operating
officer for its e-commerce business.
Starboard, which first targeted eBay more than a year ago and
settled for one board seat at the time, had nominated four
additional directors to the board earlier this year, including its
own research director, Peter Feld. The fund had urged eBay to
search for an external CEO and move faster to sell its
online-classified ads business or make changes to its board.
Ebay also has been pushing forward with a sale of its
classifieds business, despite the fact that the coronavirus has
slowed most deal activity.
The global health crisis that has roiled the markets has also
sidelined many activist investors, whose campaigns revolve around
taking positions in companies they see as undervalued and pushing
them to make changes to boost their stock prices. Starboard is one
of the few activist investors forging ahead with several campaigns,
though it is unclear how many, like its one aimed at eBay, could be
pulled.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 16, 2020 10:54 ET (14:54 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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