eBay issued a statement in response to a letter from activist investor Starboard Value LP to its Chairman Thomas Tierney and interim CEO Scott Schenkel – see this morning’s Newsflash article (“Starboard to eBay: Sell Classifieds, Cut Marketplace Costs“).
In the statement, eBay said its Board of Directors and management team were “aligned in their commitment to taking all appropriate steps to drive the value of the Company,” and said they have “implemented changes based on investor input and have taken significant actions to deliver long-term shareholder value and strengthen the business.”
“Through that lens, we will review Starboard’s letter and perspectives as we continue to rigorously review our business and opportunities for growth and value creation,” eBay stated.
eBay published a list of decisions it had made in 2019 “to enhance value that led to positive results and positioned the Company for future growth,” which included delivering on its financial commitments; scaling growth initiatives; delivering better margins; returning significant capital to shareholders; executing on portfolio transformation; and refreshing the Board with investor perspectives.
“While eBay’s Board and leadership team are confident that the above actions will help us achieve our previously-stated priorities for 2020 and position eBay for sustainable, profitable long-term growth, we remain open to all value-enhancing opportunities,” eBay stated.
You can find the full statement on the eBay corporate blog.