Statement by Pierre Omidyar, eBay Inc. Chairman of the Board
After acquiring a stake in our company,
Our board is deeply committed to doing what's in the best interests of
shareholders. After diligent consideration, we believe that PayPal and
Instead of having an honest discussion about a reasonable question, Mr.
Icahn has chosen to attack the integrity of two highly respected and
qualified board members,
Mr. Icahn's attacks are false and misleading.
I want to be clear about the facts:
- We have a world-class board. Scott and Marc are world-class directors with impeccable credentials. They have my full support. Our company and our shareholders benefit greatly from having Scott's and Marc's insight, experience and leadership on our board.
John Donahoehas my full support, and the strong support of our board. Over the last six years, John has led our company through a significant turnaround - a job many people thought was impossible. In the process, he has driven PayPal's growth and brought a renewed focus on innovation across the company.
Let me underscore a few points:
Throughout the board's process of divesting
Skype, Marc Andreessenrecused himself from all deliberations on the transaction, including all discussions, negotiations, and decisions. eBayand its shareholders benefitted from the divestiture of Skypeand its ultimate sale to Microsoft. The transactions were widely seen as a superb outcome for the company.
Subsequent to the
Skypetransaction, Marc was re-elected to our board in 2012 with virtually unanimous support (99.7% of votes) of our shareholders. Like all of our directors, Marc serves at the pleasure of our shareholders, and our shareholders have spoken.
Mr. Icahnalso makes unfounded claims about Andreessen Horowitz and its investment in Fanatics, a business formerly owned by GSI Commerce, which was acquired by eBay. Mr. Icahn's claims are wrong. Andreessen Horowitz made its investment in Fanatics more than a year after eBaydivested it. There was absolutely no connection between the two events.
Mr. Icahn's claims about
Scott Cookalso are unfounded. As founder of Intuit and chairman of the company's executive committee, Scott has an exceptional track record of creating value and driving innovation. He has been an enormous asset to eBay's board for many years. The overlap between Intuit and eBayis small for both companies. Regarding hiring, any restrictions ended years ago.
These are the facts. That's what shareholders deserve to know.
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