After extensive private discussions and engagement with
It is unclear what
- In the first three months of 2020 alone, members of
eBay‘s Board and management team have had several discussions with Starboardrepresentatives to hear its views and to answer questions about the Company’s revitalized strategy, our plan for Classifieds, and the Board’s CEO search.
- As part of our engagement,
eBaytwice offered to enter into a non-disclosure agreement in order to share more detailed information on the Classifieds review process and CEO search. Our purpose was to enable Starboardto understand the care, skill and motivation of the Board and management in making decisions and taking actions to serve the best interests of all eBayshareholders. However, Starboardrefused both offers.
- To help the
eBayBoard better understand and substantiate Starboard‘s recommendations, eBayrequested, on multiple occasions, that Starboardprovide analyses supporting its ideas, particularly relating to operating margins. Starboardnever responded to these requests.
- Our Board has engaged in an extensive search process to identify the next CEO for
eBay. The Board is considering external and internal candidates, and its priority is finding the best possible person to lead eBay. eBayrecently completed the sale of StubHubfor $4.05 billionin cash, representing more than 25 times EBITDA.
- We are pursuing a process to unlock value for
eBay‘s Classifieds business, and will provide an update to our shareholders by mid-year. We are in active discussions with multiple parties.
- Significantly improved margins. We delivered 2 points of margin improvement in 2019 enabling 1 point of reinvestment in Payments and Advertising, which are delivering incremental revenue growth. We have announced a plan that delivers at least 2 additional points of operating margin by 2022, further extending our margin rate well above peers.
- Increased focus on Marketplace volume growth with a reorganization of the executive leadership team and a re-prioritized customer-focused plan that includes improved vertical buyer experiences, more data and tools for sellers, and increased platform conversion leveraging an expanded structured data foundation.
- Scaled Managed Payments in the
U.S.and Germany. By 2022, Payments is expected to generate an incremental $2 billion of revenue and $0.5 billionof operating income.
$5.0 billionin share buybacks in 2019 and recently announced expansion of 2020 share buyback plan from $1.5 billion to $4.5 billion; deployed $3.0 billioninto an ASR (Accelerated Share Repurchase) from StubHubproceeds immediately following deal closure.
eBay‘s first ever dividend in 2019 and is committed to a 14% increase in 2020.
The Board and management are highly confident in
The Company has retained
This press release contains forward-looking statements relating to, among other things, the future performance of
More information about factors that could adversely affect the company’s operating results and the market value of the notes referenced above is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recent Annual Report on Form 10-K, a copy of which may be obtained by visiting the company’s Investor Relations website at https://investors.ebayinc.com or the
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