Ebay settles with Icahn, appoints Dorman to board

Nieuws Breedband Wereld 11 APR 2014
Ebay settles with Icahn, appoints Dorman to board
Ebay has reached an agreement with investor Carl Icahn putting an end to his proposals for the company to spin off PayPal. Icahn agreed to withdraw his proposal to shareholders to separate the PayPal business as well as his two nominees to the company’s board of directors. 

Ebay in turn agreed to Icahn’s suggestion to appoint business executive David Dorman as an independent director to the board. This will expand the number of independent directors to 10 on the 12-member board. Dorman, 60, is a founding partner of Centerview Capital Technology. He is currently chairman of CVS Caremark and was Motorola chairman from 2008 until 2012. Prior to Centerview, he was CEO of AT&T and led the operator's merger with SBC. 

Icahn said in a statement that he still supports a separation of PayPal and will continue to press for this in confidential discussions with the company. He has agreed to meet regularly with eBay CEO John Donahoe to discuss strategic alternatives. 

Categories:

Internet

Companies:

Ebay,  PayPal,  Motorola

Regions:

Wereld

Tags:

Corporate strategy, Officers & directors

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