Back to News
Activism

Starboard Ends eBay Fight Following CEO Selection

|
Published: June 22nd, 2020
The activist fund managed by Jeff Smith said it was 'excited' about the online marketplace company’s decision to hire former Walmart executive Jamie Iannone to the company's top post.

Starboard Value LP announced April 16 it had canceled its minority-slate proxy fight at eBay Inc. (EBAY), citing the company’s recent decision to hire a new CEO as the main factor.

The online marketplace on April 13 announced it hired a former Walmart Inc. (WMT) and SamsClub.com executive as well as a previous eBay employee, Jamie Iannone, as CEO.

The hiring, which ends a seven-month search, and the subsequent settlement came as Starboard had looked to install four dissident director candidates, including managing member Peter Feld, in a proxy fight.

In a joint statement with eBay April 16, Starboard said it was withdrawing its candidates while Feld said the fund was “excited” about the hiring of an “accomplished CEO.”

Iannone spent nearly eight years at eBay as a vice president and in other roles earlier in his career. He most recently was COO of Walmart Inc. (WMT) eCommerce and before that was CEO of Walmart’s SamsClub.com.

Editor’s note: The original version of this article, including advisers and other details, was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

This Content is Only for The Deal Subscribers

The Deal provides actionable, intraday coverage of mergers, acquisitions and all other changes in corporate control to institutional investors, private equity, hedge funds and the firms that serve them.

If you’re already a subscriber, log in to view this article here.

More From Activism

Activism

The Deal Honors Top Women in Dealmaking

By The Deal Staff
|
Published: January 24th, 2021
The Deal honors exemplary women in the legal profession with a focus on M&A, private equity, restructuring and activist investing in this year's Top Women in Dealmaking list.
Activism

Activist Investing Today: Goodwin on Governance, Pay as 'Wedge Issues'

By Ronald Orol
|
Published: December 18th, 2020
Poor governance and issues with executive compensation aren't enough to warrant credible activist involvement on their own, but they can serve as a lever for shareholders that have broader outcomes in mind, says Shane Goodwin, the chief of the Applied Corporate Governance Institute.