ebay inc (EBAY) Key Developments
eBay Inc. Announces Management Changes
Mar 23 15
eBay Inc. announced the appointment of two new independent directors in anticipation of completing its previously announced separation of eBay and PayPal. Tony Bates, President of GoPro, and Gail McGovern, President and CEO of the American Red Cross, have been appointed to eBay Inc.’s board of directors. The company also announced that current directors William C. Ford and Richard T. Schlosberg, who have served for 10 years and 11 years, respectively, have advised the company that they do not plan to stand for re-election to the board at the 2015 Annual Meeting. With the appointment of Mr. Bates and Ms. McGovern, eBay Inc.’s board currently is comprised of 17 directors, 15 of whom are independent. Additionally, eBay Inc. announced that Jonathan Christodoro has been elected to its board as part of the previously announced standstill agreement with Carl Icahn. Mr. Tony Bates brings 25 years of technology leadership, insight and knowledge to eBay Inc.’s board. He has an unparalleled track record of entrepreneurship and is a recognized technology leader with a keen ability to anticipate consumer and industry trends. He currently serves as President and member of the board of directors of GoPro Inc. He previously served as Executive Vice President of Microsoft’s Business Development and Evangelism group, leading its corporate strategy team. Prior to that role, he was CEO of Skype from 2011 to 2013, where he oversaw the company’s successful integration into Microsoft. Mr. Bates also is a member of the board of directors of Sirius XM Radio Inc. and Big Switch Networks Inc. Ms. McGovern brings deep management and financial expertise to the board, having served in senior leadership positions at some of the world’s large and most recognized companies and organizations. She has more than 28 years of corporate experience, including serving as President of Fidelity Personal Investments, a unit of Fidelity Investments, and Executive Vice President of AT&T’s Consumer Markets Division. She is the current President and CEO of the American Red Cross, where she has led a number of initiatives to improve the organization’s financial stability and expand the reach of its lifesaving services.
Quikr Set To Raise around INR 9 Billion
Mar 9 15
Quikr India Private Limited set to raise INR 9 billion from Steadview Capital Management LLC and existing investors. Existing investors like Tiger Global Management LLC, Warburg Pincus LLC, Investment AB Kinnevik, and eBay Inc. (NasdaqGS:EBAY) were initially in talks to lead the round, but Quikr may ask existing investors to reduce their participation in the round to bring in more new investors, a source said. An email sent to Steadview Capital did not receive a response. Quikr's founder and Chief Executive Officer Pranay Chulet declined to comment. Funding may also be used for acquisitions and strategic investments," one of the people familiar with the deal said. The transaction is expected to be completed in two weeks.
eBay Seeks Acquisitions
Mar 4 15
eBay Inc. (NasdaqGS:EBAY) is seeking acquisitions. Dan Schulman, eBay, President and Chief Executive Officer Designee of PayPal, said, "I like our set of assets that we have and we have a very strong business model that allows us to invest in growth opportunities, to make acquisitions where they make sense for us to go and do so. And I like the position that we are in, in that state."
Two Online Sellers File Class Action Lawsuits against eBay
Mar 2 15
Two online sellers filed class action lawsuits against eBay. Sellers also started receiving notice of a deal the parties reached in Noll et. al v. eBay Inc. et al. in January. eBay established a $6.4 million settlement fund, but usually most individual sellers don't get big payoffs in such cases. eBay's law company Cooley LLP writing about the case in 2012, said the lawsuit said eBay knowingly tricked customers into paying recurring fees for its 'Good 'Til Canceled' listings, which get automatically renewed every 30 days until the seller has cancelled the listing or the item is sold. Under the terms of the deal, eBay will set up a Gross Settlement Fund in the amount of $6,400,000. The named petitioners will get an enhancement award of $15,000 for participating. Their lawyers will get 25% of the Gross Settlement Fund ($1.6 million) plus reasonable out-of-pocket costs and expenses. Claims Administrator will receive compensation for costs incurred. After all those payments have been fulfilled, the rest of the money will be distributed as credits to class members.
eBAy Inc. Reports Adjusted Earnings Results for the Fourth Quarter and Year Ended December 31, 2014
Feb 26 15
eBay Inc. reported adjusted earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company adjusted its fourth quarter and full year 2014 financial results from those previously reported, reflecting a reduction in income tax expense of $87 million. The financial impact of this adjustment increases company’s fourth quarter 2014 GAAP net income from $936 million to $1,023 million.
For the year, the financial impact of the adjustment changes full year GAAP net loss of $41 million to GAAP net income of $46 million. The adjustment does not impact previously reported net cash provided by (used in) operating, investing or financing activities or non-GAAP results.