Starboard Nominates Four to eBay Board, Pushes for External CEO Candidates
March 19 2020 - 9:07AM
Dow Jones News
By Dave Sebastian
Activist investor Starboard Value LP nominated four people to
the eBay Inc.'s board and is pushing for an external figure to fill
the vacant chief executive spot amid its frustration that eBay
hasn't moved quickly enough to sell its online-classified-ads
business.
The Wall Street Journal last week reported that Starboard has
nominated a minority slate of directors to eBay's 14-person
board.
Starboard's nominees for eBay's board are Peter Feld, a managing
member at Starboard; Shannon Brayton, the former chief marketing
officer of LinkedIn; Eddy Hartenstein, the previous publisher and
chief executive of the Los Angeles Times Media Group; and Stephanie
Tilenius, the founder and chief executive of Vida Health Inc., Mr.
Feld said in a letter to eBay's board.
Ebay, which has a market value of roughly $25 billion, has been
without a permanent chief executive since Devin Wenig departed in
September following clashes with the board. Scott Schenkel, who
previously served as finance chief, is the interim CEO.
Among the attributes of Starboard's ideal eBay CEO is the
ability to drive growth and profit at eBay's core marketplace
business, a view the investor has previously expressed, Mr. Feld
said.
"Much work remains to be done and business trends in the core
Marketplace business have continued on a downward trajectory," Mr.
Feld said, adding that "given our concerns over certain historical
decisions, we worry that the Board may default to an internal
candidate."
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
March 19, 2020 08:52 ET (12:52 GMT)
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