EBay board members reject Icahn's nominees
March 12, 2014, 12:06 am TWN
SAN JOSE, California--EBay is urging shareholders to support its directors and reject the pair put up by billionaire activist investor Carl Icahn.
The two sides traded barbs Monday in the latest round in the ongoing tussle between the e-commerce company and Icahn who wants to split it in two.
Icahn and eBay began their dispute in January, when Icahn disclosed a less-than 1-percent stake in the company.
He wants eBay to spin off its PayPal mobile commerce arm, which is growing revenue faster than the rest of the company. EBay, on the other hand, strongly believes PayPal should stay part of the company.
EBay Inc. said Monday its four directors up for re-election — CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook, and former Agilent Technologies CEO Edward Barnholt — should be supported by shareholders.
Icahn has put forth two candidates for the board who are his employees and has urged shareholders to vote against eBay's directors.
In an online post Monday, Icahn reiterated that he believes PayPal should be spun off, the directors up for re-election should resign, and his candidates for the board should be voted in.
He has complained that Donahoe has not acted in the best interest of shareholders. For example, he said he believes eBay sold video-chat site Skype prematurely and cost shareholders US$4 billion.