Icahn: eBay Brass Should Resign Out of 'Pure Decency'
Investor accuses board of improprieties
By Kevin Spak, Newser User
Posted Feb 24, 2014 1:52 PM CST
This Tuesday, July 16, 2013 photo shows an eBay sign at eBay headquarters in San Jose, Calif.   (AP Photo/Ben Margot)

(Newser) – EBay's board is so rife with conflicts of interest that Carl Icahn penned a scathing open letter today, escalating his campaign to force the online auctioneer to spin off PayPal. Icahn bought a 2% stake in eBay last month, and had been preparing to fight for two board seats, the Wall Street Journal reports. But after doing his research, he believes that he shouldn't have to fight, because "in any sane business environment, these directors would simply resign … either out of pure decency or sheer embarrassment."

Icahn singles out Marc Andreessen and Scott Cook as having business interests in eBay's competitors and taking actions detrimental to the company, and accuses CEO John Donahoe of enabling them. "The complete disregard for accountability at eBay is the most blatant we have ever seen," he writes. EBay responded to the attack by saying that Icahn had "cherry-picked old news clips" to unfairly attack "two impeccably qualified directors." Icahn's letter also notes that former PayPal architects Elon Musk and David Sacks agreed that it should split from eBay. "It's as if Target owned Visa or something," Musk recently told Forbes.

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Rich Vernadeau
Jun 7, 2014 7:51 PM CDT
In light of the mishandling of the hacking event, this becomes even more true that top brass should resign from eBay...
Feb 25, 2014 3:35 PM CST
eBay is run by children who do more damage for the company than good. It is a shame to see a company so large, run by idiots.
Feb 25, 2014 10:05 AM CST
I know I got SCREWED by paypal! A foreign buyer did a Merchandise Not As Described chargeback because 1 of his 2 hardcover books had a ding on one corner. They let him get ALL his money back including the shipping! I showed proof he didn't try to return the merchandise and they didn't care. At first they gave me some bogus excuse and after I hounded them they admitted they screwed up and would finally attempt a "real" chargeback which they supposedly lost. I'm still convinced they didn't put much of an effort into defending me. I used to work in chargebacks with Bank One and my documentation was far superior than anything the buyer er....THIEF had!