Despite the fact eBay will be splitting itself in two in a matter of months, it named a new director to its board. Bonnie Hammer, Chairman of NBCUniversal Cable Entertainment, joined eBay Inc.’s Board of Directors on Tuesday as an independent director. eBay did not reveal whether Hammer will serve on eBay’s board or PayPal’s board after the breakup.
According to eBay’s press release, “Hammer brings with her a wealth of experience in consumer programming, social and digital brand experiences, as well as senior executive, operational and board roles. As Chairman of NBCUniversal Cable Entertainment, Hammer leads one of the television industry’s most profitable and diverse cable portfolios, including 10 cable networks and two Hollywood studios. Three of her cable networks rank in the Top 10, with USA Network being the most-watched cable entertainment network.”
eBay CEO and board member John Donahoe said in the release, “We are delighted to have Bonnie Hammer join our board. Bonnie has a phenomenal reputation in the industry and brings with her outstanding consumer understanding combined with strong digital and social expertise. We look forward to benefitting from her insight and experience.”
Hammer is currently on the board of directors at IAC, a media and Internet company with more than 150 brands, and has also served on the board of the Ad Council.
eBay will separate the eBay and PayPal businesses into independent publicly traded companies in 2015. Decisions on which boards eBay Inc. directors will serve will be determined closer to the time of separation, eBay said.
Hammer is the tenth independent director on the 12-member board.
According to eBay’s filing with the SEC:
Ms. Hammer’s term on the Board began on January 6, 2015. Ms. Hammer fills a vacancy created by an increase in the size of the Board from 11 to 12, and her term of office will expire at the Company’s 2015 annual meeting of stockholders or until her successor has been elected and qualified.
As a non-employee director, Ms. Hammer is entitled to receive: (i) an annual cash retainer of $80,000, pro-rated for the remaining portion of 2015, and (ii) $220,000 in deferred stock units (“DSUs”), representing an unfunded, unsecured right to receive shares of eBay common stock, at the time of each annual meeting of stockholders, with such annual equity grants vesting as to 100% of the DSUs on the first anniversary of the date of grant.