EBay CEO Donahoe’s Pay Drops by 53% to $13.8 Million for 2013
EBay Inc. (EBAY), the largest online marketplace, said Chief Executive Officer John Donahoe received $13.8 million in total compensation last year, a 53 percent drop from 2012, when he was granted a large stock award.
Donahoe was paid $993,269 in salary, a cash incentive payout of $1.62 million, and restricted stock and option awards of $11.1 million, the company said today in a filing. He also received other compensation of $165,508. In 2012, he was given a total of $29.7 million, including $14.9 million in performance share unit awards.
The CEO’s cash incentive bonus was paid at 82 percent of EBay’s target because the company fell short of its 2013 financial goals and didn’t meet expectations for “positioning relative to its competitors” at the start of 2014, according to the filing with the U.S. Securities and Exchange Commission.
Donahoe has been under fire from activist investor Carl Icahn, who wants EBay to spin off or sell its PayPal electronic-payments unit and is nominating two candidates to the board. In the filing today, EBay recommended shareholders reject Icahn’s proposal and nominees at the annual meeting. The company didn’t give a date for the meeting.
In his own letter to shareholders today, Icahn reiterated his call for a separation of PayPal and repeated his allegation that Donahoe sold videoconferencing service Skype for too low a price in 2009. Icahn, whose affiliates hold a stake in EBay of about 2.2 percent, has also targeted board membersMarc Andreessen and Scott Cook, accusing them of conflicts of interest. EBay, based in San Jose, California, called Icahn’s statements “false and misleading.”
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