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eBay Names New Director, PayPal Issues Warning to Investors

eBay named the former president of the Gap to its Board of Directors, while PayPal faced one of the challenges of being a public company.

Paul Pressler was President and CEO of Gap Inc. and spent 15 years in senior leadership roles at The Walt Disney Company. He is now a partner at the private equity firm Clayton, Dubilier & Rice and serves as Chairman of David’s Bridal and SiteOne Landscape Supply.

He will serve on eBay’s Audit Committee and the Corporate Governance and Nominating Committee.

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eBay CEO Devin Wenig said in a statement, “As an independent director, Paul brings valuable experience managing major retail and consumer brands as well as significant leadership and financial expertise to eBay’s Board.”

In other news, PayPal received notice of an unsolicited mini-tender offer by TRC Capital Corporation last week to purchase up to 3 million shares of PayPal’s common stock at a price of $32.80 per share in cash.

PayPal issued a statement saying it does not endorse TRC Capital’s unsolicited mini-tender offer and recommended shareholders do not tender their shares. PayPal said it was not associated with TRC Capital, its mini-tender offer or the mini-tender offer documentation, and it provided a link to SEC guidance to investors on mini-tender offers.

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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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