Summary
This SEC Form 8-K filing from eBay Inc. (EBAY) on March 27, 2008, primarily announces two significant changes: the departure of a board member and the appointment of a new Chief Accounting Officer. Director Robert C. Kagle will not seek re-election at the upcoming June 2008 annual meeting, citing personal reasons and time constraints. His departure is noted as being without disagreement with the company or its management, assuring investors of continuity in board dynamics. Furthermore, eBay has appointed Phillip DePaul as its new Vice President and Chief Accounting Officer, effective April 14, 2008. Mr. DePaul brings considerable experience from his previous role as Senior Vice President, Controller and Chief Accounting Officer at OfficeMax. The filing details his compensation package, which includes a base salary of $350,000, a stock option grant of 49,000 shares, and 24,500 restricted stock units, along with a one-time bonus of $135,000 and relocation assistance. This appointment signals a strengthening of the company's accounting leadership.
Key Highlights
- 1Director Robert C. Kagle will not stand for re-election at the June 2008 annual meeting, departing for personal reasons.
- 2Mr. Kagle's decision to not seek re-election is not due to any disagreement with eBay's management or board.
- 3Phillip DePaul appointed as Vice President, Chief Accounting Officer, effective April 14, 2008.
- 4Mr. DePaul previously served as Senior Vice President, Controller and Chief Accounting Officer at OfficeMax.
- 5Mr. DePaul's compensation package includes a $350,000 annual salary.
- 6He will receive an option to purchase 49,000 shares of eBay common stock and 24,500 restricted stock units.
- 7Mr. DePaul is also eligible for a $135,000 one-time bonus and relocation assistance.