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EBay Expands Company Board, Inks Icahn Deal

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EBay has appointed Perry Traquina and Frank Yeary to its board of directors. Separately, the company also announced it has entered into a standstill agreement with Carl Icahn, the company’s largest active shareholder.

EBay has entered into a standstill agreement with investor Carl Icahn. In addition to certain corporate governance provisions to be adopted by PayPal as an independent company at the time of its spin-off from eBay, the agreement appoints Icahn Capital executive Jonathan Christodoro to eBay’s current board. The agreement with Mr. Icahn allows him to determine which board Mr. Christodoro will serve on at the time of separation.

Mr. Traquina served as CEO and chairman of Wellington Management.  Mr. Yeary is the co-founder of CamberView Partners. He also served as global head of Mergers & Acquisitions for Citigroup Global Markets and was chairman of Salomon Smith Barney’s Global Technology, Media and Telecommunications investment banking group. Mr. Yeary also serves as a member of Intel’s board.

With the appointments of Traquina, Yeary and Christodoro, eBay’s board is now comprised of 15 directors, 13 of whom are independent.

On September 30, 2014, the eBay board of directors approved a plan to separate the company’s eBay and PayPal businesses into two independent publicly traded companies in 2015.

[Image courtesy: eBay]

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