Longtime member of eBay's Board of Directors Thomas Tierney is stepping down at the end of June. Tierney joined the board in 2003 and became Chairman when eBay split with PayPal in 2015 due to pressure from activist investor Carl Icahn.
Longtime director Fred Anderson is also retiring from the eBay Board, and eBay expects to recruit at least one additional independent director in the coming months.
The shakeup comes 8 months after the abrupt departure of CEO Devin Wenig last September and 16 months after activist investors began pressuring eBay to break up the company. eBay has since sold StubHub and is reportedly shopping around its Classifieds business unit.
eBay's board revealed the changes in its letter to shareholders in its proxy report on Wednesday, and wrote, "As a result of thoughtful succession planning, Compensation Committee Chair Paul Pressler will assume the role of Chair of the Board."
While some eBay sellers have indicated a desire for more retail experience among the leadership, the company said its priorities for new board members include adding additional financial and technology product expertise, as well as enhancing the Board's gender diversity.
The eBay board told shareholders that the selection of Jamie Iannone as Wenig's permanent replacement this month was made with its full and unanimous support. "We believe Jamie is the ideal CEO to lead eBay's next chapter of growth and success," it wrote.
Tierney and Anderson will retire from the Board effective immediately after the annual meeting, which will be held on June 29, 2020.