Skip to content
Subscriber Only

EBay Says Icahn Proposes PayPal Spinoff, Board Nominees

EBay Inc. said activist investor Carl Icahn has proposed splitting off its PayPal online payments unit and is nominating two of his employees to join the board, as the largest online marketplace reported holiday quarter sales that missed analysts’ estimates.

Icahn earlier this month purchased EBay stock and has built up a 0.82 percent stake, the company said in a statement yesterday. In an interview on Bloomberg TV, Icahn said EBay “hasn’t done as well as it should have” and called a separation of PayPal -- which is one of EBay’s faster-growing businesses -- from the company a “no-brainer” that would improve value.