eBay Inc. Adds Two Independent Directors in Preparation for eBay and PayPal Separation
March 23 2015 - 9:15AM
Business Wire
Tony Bates and Gail McGovern Appointed to the
Board
Bill Ford and Dick Schlosberg to Retire from
the Board as of the 2015 Annual Meeting
eBay Inc. (NASDAQ:EBAY) today announced the appointment of two
new independent directors in anticipation of completing its
previously announced separation of eBay and PayPal. Tony Bates,
President of GoPro, and Gail McGovern, President and CEO of the
American Red Cross, have been appointed to eBay Inc.’s board of
directors.
“The appointments of Tony and Gail to the board represent our
commitment to adding highly qualified independent directors in
preparation for creating two world-class boards,” said John
Donahoe, President and CEO of eBay Inc. “Tony and Gail are
accomplished leaders. We look forward to their valuable insights
and contributions as we launch two dynamic, global companies that
are well positioned to create lasting value for their shareholders
and customers.”
Commenting on his appointment, Mr. Bates said: “The planned
separation of eBay and PayPal will create two more nimble and
focused companies that are better able to compete and win in the
rapidly evolving commerce and payments markets. I am excited to
join the board at this important juncture in eBay’s history and
work with the management team and board as we set both of these
great companies up for continued growth.”
Commenting on her appointment, Ms. McGovern said: “I’m delighted
to join the board of this remarkably forward-thinking and
trailblazing company. I look forward to working with eBay’s
leadership team and the other board members to build on the
company’s track record of innovation in commerce and payments.”
eBay Inc. also announced that current directors William C. Ford
and Richard T. Schlosberg, who have served for 10 years and 11
years, respectively, have advised the company that they do not plan
to stand for re-election to the board at the 2015 Annual Meeting.
With the appointment of Mr. Bates and Ms. McGovern, eBay Inc.’s
board currently is comprised of 17 directors, 15 of whom are
independent. Following the company’s Annual Meeting, which will be
held on May 1, 2015, eBay’s board will be comprised of 15
directors, 13 of whom will be independent.
“On behalf of our company, I want to thank Bill and Dick for
their years of wise counsel, invaluable service and commitment to
our shareholders,” said Mr. Donahoe. “They contributed greatly to
our strategic plan, helping lead eBay through a period of
successful growth and ensuring that our businesses are poised for
future success.”
Additionally, eBay Inc. announced that Jonathan Christodoro has
been elected to its board as part of the previously announced
standstill agreement with Carl Icahn, the company’s largest active
shareholder.
eBay Inc.’s full slate of director nominations are included in
its 2015 proxy statement, which was filed with the Securities and
Exchange Commission (SEC) today and submitted for shareholder
approval at the 2015 Annual Meeting.
Separately, the company noted that it continues to make solid
progress on the separation of eBay and PayPal and remains on track
to complete the transaction in the second half of 2015. Last month,
PayPal filed its Form 10 with the SEC to begin the securities
registration process. PayPal expects to update its Form 10 filing
in the second quarter 2015 to include details on the separation and
distribution and operating agreements between eBay and PayPal, as
well as other corporate and business information.
Biographical Information on New Directors
Tony Bates
Mr. Bates brings 25 years of technology leadership, insight and
knowledge to eBay Inc.’s board. He has an unparalleled track record
of entrepreneurship and is a recognized technology leader with a
keen ability to anticipate consumer and industry trends. He
currently serves as President and member of the board of directors
of GoPro, Inc. He previously served as Executive Vice President of
Microsoft’s Business Development and Evangelism group, leading its
corporate strategy team. Prior to that role, he was CEO of Skype
from 2011 to 2013, where he oversaw the company’s successful
integration into Microsoft. Earlier in his career, he held a series
of positions of increasing responsibility at Cisco, including
directing the company’s $14 billion Enterprise Group. Mr. Bates
also is a member of the board of directors of Sirius XM Radio, Inc.
and Big Switch Networks, Inc.
Gail McGovern
Ms. McGovern brings deep management and financial expertise to
the board, having served in senior leadership positions at some of
the world’s largest and most recognized companies and
organizations. She has more than 28 years of corporate experience,
including serving as President of Fidelity Personal Investments, a
unit of Fidelity Investments, and Executive Vice President of
AT&T’s Consumer Markets Division, the company’s largest
business unit. She is the current President and CEO of the American
Red Cross, where she has led a number of initiatives to improve the
organization’s financial stability and expand the reach of its
lifesaving services. Ms. McGovern also was on faculty at the
Harvard Business School. She serves on the board of DTE Energy and
The Weather Company, and is a member of President Obama’s
Management Advisory Board. She graduated from Johns Hopkins
University and received her MBA from Columbia University.
About eBay Inc.
eBay Inc. (NASDAQ:EBAY) is a global commerce and payments
leader, providing a robust platform where merchants of all sizes
can compete and win. Founded in 1995 in San Jose, Calif., eBay Inc.
connects millions of buyers and sellers and enabled $255 billion of
commerce volume in 2014. We do so through eBay, one of the world’s
largest online marketplaces, which allows users to buy and sell in
nearly every country on earth; through PayPal, which enables
individuals and businesses to securely, easily and quickly send and
receive digital payments; and through eBay Enterprise, which
enables omnichannel commerce, multichannel retailing and digital
marketing for global enterprises in the U.S. and internationally.
We also reach millions through specialized marketplaces such as
StubHub, the world’s largest ticket marketplace, and eBay
classifieds sites, which together have a presence in more than
1,000 cities around the world. For more information about the
company and its global portfolio of online brands, visit
www.ebayinc.com.
eBay Inc.Amanda Miller, 408-219-0563press@ebay.com
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