Carl Icahn accuses eBay board members of conflict of interest
BILLIONAIRE investor Carl Icahn yesterday launched another salvo at eBay in his battle to see PayPal spun off from the company.
In a blistering open letter to shareholders, Icahn accused eBay chief executive John Donahoe of failing to spot – or ignoring – conflicts of interest on the company’s board.
He singled out long-term eBay board members Marc Andreessen and Scott Cook.
“During Mr. Andreessen’s time on the eBay board he has purchased large stakes in two former eBay subsidiaries, reaping significant personal riches,” Icahn wrote.
He added that Cook, as founder and board member of Intuit, represented an online processing firm competing with PayPal.
EBay said PayPal should not be spun off and replied that its board is “scrupulous in its governance practices and fully transparent with regard to its directors’ other affiliations and businesses.”