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eBay Tweaks Board of Directors in Advance of Breakup

eBay is tweaking its Board of Directors in advance of its pending breakup, of which it said it was making “solid progress.” It also announced the date of its annual shareholder meeting.

GoPro President and former CEO of Skype Tony Bates and American Red Cross CEO and former Harvard Business School professor Gail McGovern are joining eBay’s board. The pair will receive an annual cash retainer of $80,000, pro-rated for the remaining portion of 2015, and $220,000 in deferred stock units.

Current directors William C. Ford and Richard T. Schlosberg, who have served for 10 years and 11 years, respectively, will retire from the board as of the 2015 Annual Meeting, which will take place on May 1st.

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eBay CEO John Donahoe said the appointments represent the company’s commitment to adding highly qualified independent directors “in preparation for creating two world-class boards.”

Following the eBay annual meeting, the board will be comprised of 15 directors, 13 of whom will be independent.

eBay remains on track to complete the separation transaction in the second half of 2015, it said on Monday. 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.

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Ina Steiner

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. Send news tips to ina@ecommercebytes.com.


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