Icahn says eBay corporate governance worst ever: CNBC

Reuters News
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Posted: Mar 05, 2014 10:24 AM

NEW YORK (Reuters) - Billionaire activist investor Carl Icahn said Wednesday that corporate governance at e-commerce giant eBay Inc. was the worst he had ever seen.

"I've never seen worse corporate governance than eBay," Icahn told CNBC television. Icahn, who has a 2.15 percent stake in eBay, is known for taking large stakes in companies and pushing for management change.

Icahn also said that eBay chief executive John Donahoe should not have control over PayPal, the company's fast-growing payments business.

Icahn has called for the company to spin off PayPal. He has publicly feuded with eBay over its 2009 sale of a majority stake in online phone service Skype to private investors, including eBay board member Marc Andreessen's venture capital firm Andreessen Horowitz.

Icahn, who has criticized Andreessen for profiting from the subsequent sale of Skype to Microsoft for $8.5 billion in 2011, told CNBC that he "might blame Donahoe more than Andreessen for letting it happen."

Icahn, whose investment firm has a stake of more than $4 billion in Apple Inc., reiterated Wednesday that the company was undervalued and said that chief executive Tim Cook was "doing a good job."

Icahn, chairman of Icahn Enterprises L.P., was not immediately available for comment.

(Reporting by Sam Forgione; Editing by Chizu Nomiyama)