Ebay's Founder Gives Up Seat On Company's Board -- WSJ
By Maria Armental
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (September 11, 2020).
EBay Inc. founder Pierre Omidyar stepped down from the company's
board as part of a broader overhaul that also has Elliott
Management Corp. partner Jesse Cohn leaving the board.
Mr. Cohn, one of billionaire Paul Singer's top lieutenants at
the activist hedge fund, joined eBay's board last year as part of
an agreement with Elliott.
Mr. Omidyar, who founded what was then AuctionWeb in 1995,
technically retired from the board, the company said, but will
remain director emeritus, an honorary title. As such, eBay said, he
may attend board meetings or board committee meetings when invited
by the board or the committee chairman. He won't have voting
The departures aren't related to any disagreement with the
company, eBay said.
Joining the board are Carol Hayles, a Citigroup Inc. veteran who
most recently worked as CIT Group Inc.'s finance chief, and Mohak
Shroff, senior vice president of engineering at Microsoft Corp.'s
"Their appointments will add significant experience and
expertise at a critical time to support the technology-led
reimagination of eBay," said Paul Pressler, eBay's board
Paul Pressler credited Mr. Cohn for helping with eBay's
operating and portfolio reviews, "which resulted in margin
expansion, the sale of StubHub and the agreement to transfer eBay
Classifieds to Adevinta."
The California-based company has seen profit surge to $4.16
billion for the first half as a large number of consumers turned to
online shopping. during the coronavirus pandemic. Revenue rose to
$5.24 billion, up 8% from the comparable period a year earlier, and
the company now expects $2.85 to $3 a share in annual profit on
$10.56 billion to $10.75 billion in revenue. Those projections
assume the classifieds business results are included in the entire
year, the company said.
Write to Maria Armental at email@example.com
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September 11, 2020 02:47 ET (06:47 GMT)
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