eBay Layoffs - Executives To Get 4 Years Pay

Barrons is reporting that eBay’s business is deteriorating and that the company is planning to layoff approximately 10% of its 15,000 employees. Many of “Meg Whitman People” are retiring. Rajiv Dutta, president of Paypal is gone and Bob Kagle, the Benchmark venture capitalist who has been on the Board from the beginning, stepped down from the Board in June, another indication that something major is happening.

The Independent Association of Online Merchants said that it would be interesting to compare the severance packages of “regular employees” and managers with those of eBay’s top executives.

Like in many companies, eBay’s has Golden Parachutes for its top executives. It appears from SEC filings that some top execs will receive two years’ target cash compensation, defined as annual base salary plus target annual incentive bonus. That “bonus” is usually 100% of salary, so it would be like getting 4 years’ worth of pay if they are laid off.

Meg Whitman, who has retired from the company will be on the payroll through the end of the year. Whitman also gets office space and IT and secretarial support for 3 more years and will be at on the Board at least until June 2010. Rajiv Dutta, who retired recently, is working with his replacement Lorrie Norrington on the transition until October 2008 and will subsequently act as a consultant through the end of the year.

Here’s one example of a Golden Parachute. On July 16, 2008, eBay revealed in an SEC filing that the company’s Chief Financial Officer Bob Swan would receive a severance package in the event of his termination without cause:

…. providing a cash payment equal to two years’ target cash compensation (defined as annual base salary plus target annual incentive bonus) if the termination occurs within two years of the date of the severance agreement, one and one-half years’ target cash compensation if the termination occurs more than two but within three years of the date of the severance agreement, and one year’s target cash compensation if the termination occurs more than three years after the date of the severance agreement.

Rest of the article here:
http://www.webguild.org/2008/09/ebay-layoffs-executives-to-get-4-years-pay.php

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Form 8-K for EBAY INC

6-Oct-2008

Results of Operations and Financial Condition, Costs Associated with Exit or Disposal Ac


Item 2.02 Results of Operations and Financial Condition.

The information in Item 2.02 of this Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), and is not to be incorporated by reference into any filing by eBay Inc. under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language contained in such filing.

On October 6, 2008, eBay Inc. (the "Company") announced certain preliminary financial results for the quarter ended September 30, 2008. A copy of the Company's press release announcing this information and certain other information is attached as Exhibit 99.1 to this filing.

This current report contains forward-looking statements relating to the Company's future performance. The Company's actual results could differ materially from those predicted and reported results should not be considered as an indication of future performance. A more thorough discussion of certain factors that may affect eBay's actual results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in eBay's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.



Item 2.05 Costs Associated with Exit or Disposal Activities.

On October 6, 2008, eBay Inc. (the "Company") announced that it plans to implement a strategic reduction of its existing global workforce designed to simplify and streamline its organization and strengthen the overall competitiveness of its existing businesses. As a result, the Company expects to reduce the size of its global workforce by approximately 1,000 employees worldwide. The reduction is expected to be substantially completed by the end of the first quarter of 2009.

In connection with the global workforce reduction, the Company expects to incur pre-tax restructuring charges of approximately $70 million to $80 million primarily for employee related costs. The Company expects $60 million to $70 million of these charges to be recorded in the fourth quarter of 2008. Substantially all of these charges will result in cash expenditures. A copy of the Company's press release announcing this information and certain other information is attached as Exhibit 99.1 to this filing.



Item 8.01 Other Events.

On October 6, 2008, eBay Inc. (the "Company") issued a press release indicating that it had agreed to acquire Bill Me Later, Inc., a leading provider of online credit, and had acquired Den Bl� Avis and BilBasen, providers of leading online classifieds sites in Denmark. A copy of the Company's press release announcing these acquisitions and certain other information is attached as Exhibit 99.1 to this filing. For more information on the Company's agreement to acquire Bill Me Later, Inc., please refer to the copy of the Company's press release attached as Exhibit 99.2 to this filing. For more information on the Company's acquisition of Den Bl� Avis and BilBasen, please refer to the copy of the Company's press release attached as Exhibit 99.3 to this filing.



Item 9.01 Financial Statements and Exhibits.

The following exhibit is furnished with this report on Form 8-K:

Exhibit 99.1 - Press release dated October 6, 2008. Exhibit 99.2 - Press release dated October 6, 2008. Exhibit 99.3 - Press release dated October 6, 2008.

Hello Everyone
Just saw this on Yahoo website:
1 hour, 5 minutes ago



SAN JOSE, Calif. - EBay Inc. said on Monday it will cut about 1,000 employees, reducing its work force by about 10 percent.

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The online auction site also said it will get rid of several hundred temporary workers and reduce open positions.

EBay said the reductions would streamline its organization. The company said it expects restructuring charges of about $70 million to $80 million, mostly in the fourth quarter.

EBay also said its third-quarter earnings would be higher than it predicted in July, although revenue will be at the low end of its expectation. It is scheduled to announce third-quarter results on Oct. 15.

On July 16 eBay said it expected third-quarter earnings between 30 cents and 32 cents per share, and revenue between $2.1 billion and $2.15 billion.

EBay also said it will buy online payments business Bill Me Later for $820 million in cash and $125 million in outstanding options. The company also said it will buy Danish classifieds site dba.dk and vehicles site bilbasen.dk for $390 million in cash

Sincerley unique

Hopefully ebay will be pissing off at least one former ebay employee who suddenly developed a conscience now that they are on the other side of the fence like us. Time for some of these employees to spill the beans and go to the press, attorney generals, etc., to see that ebay gets their just rewards as a coporate terrorist.

luckyalive wrote (View Post): › Hopefully ebay will be pissing off at least one former ebay employee who suddenly developed a conscience now that they are on the other side of the fence like us. Time for some of these employees to spill the beans and go to the press, attorney generals, etc., to see that ebay gets their just rewards as a coporate terrorist.

Now THAT. I can get behind.
One area that has always fascinated me was
how eBay's contractor >>> LieWorld could get away
with it's contracted fraud posters, posting on the
eBay boards with-out disclosure.
(Bullying the real paying customers along the way)...
They still do it today and it's against the law.