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EBAY Rejects Board Nominees Put Up by Carl Icahn

Icahn wants Ebay to separate its PayPal business


The battle between online auction website eBay and billionaire investor Carl Icahn is intensifying.

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Source: Flickr

On Monday, EBAY rejected Daniel Ninivaggi and Jonathan Christodoro — both Icahn Enterprises employees — as nominees to its board of directors. EBAY advised its stockholders to vote the two nominees down because “neither nominee has relevant experience or expertise,” Reuters notes.

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Both nominees already sit on the boards of four other publicly-traded companies, which EBAY says violates its policy against board members sitting on too many corporate boards. EBAY is advancing its own array of board nominees. Shareholders will vote on the nominees at the company’s next annual shareholders meeting.

Last month, Icahn announced that he had taken a stake in EBAY — now a little more than 2% — and issued a letter accusing the EBAY board of lapses in corporate governance and conflicts of interest for some board members. Icahn is urging EBAY to spin off its PayPal online payment unit. EBAY has rejected the proposal.

Last month, Icahn abandoned his effort to force Apple (AAPL) to increase the size of its share buyback program.

EBAY has not announced a date for its next annual shareholders meeting.

In Tuesday morning trading, EBAY stock climbed modestly. EBAY shares are up about 10% over the past year.

Article printed from InvestorPlace Media,

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