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Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.
I read Starboards letter to the board and I applaud everything they wrote. They have great concern that the CEO position will be filled internally, further destroying the site. Certainly a huge fear of mine. They made quite a few sound comments. For example.
“we strongly believe that eBay should be focused on identifying qualified
external candidates in order to hire a new CEO that will bring a fresh perspective and energy to
the Company after its prolonged underperformance
Unfortunately, given our concerns over certain historical decisions, we worry that the Board may default to an internal candidate, which we believe would be a missed opportunity to bring in a talented executive with the attributes highlighted above. ”
The Board’s response was laughable. Not surprising. Most of them have had their heads up their !&& for a very long time. Thomas Tierney, Chairman, is the very first I’d fire.
The stock today has dropped to a new 26 week low of $27.69. Likely due to the Board’s insane response.
eBay is grasping at thinnest of straws and will continue to fade into oblivion.