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EBay CEO total compensation down nearly 58 percent
* CEO Donahoe's compensation down nearly 58 pct
* CEO salary higher, stock and option awards decreased
CHICAGO, March 19 (Reuters) - eBay Inc (EBAY.O) Chief Executive Officer John Donahoe and other top executives saw their compensation fall sharply in 2009 as the e-commerce company issued smaller stock and option awards.
Donahoe's total compensation, which includes salary, bonus, stock and option awards and other items, fell to $10.13 million in 2009 from just over $24 million the prior year, according to the company's proxy filed with the U.S. Securities and Exchange Commission on Friday.
His salary rose more than 6 percent to $934,615, due in part to an extra pay period included in 2009 and to an increase received when he became CEO on March 31, 2008.
EBay said it would hold its annual shareholders meeting in San Jose, California, on April 29.
The company's shares soared nearly 69 percent during 2009 and have climbed another 16.7 percent since the beginning of 2010. (Reporting by Jessica Wohl; Editing by Lisa Von Ahn)
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His entire management team can be credited with alienating thousands of sellers as well as making it harder for buyers to find what they are looking for.
In the middle of a deep recession, Donahoe has forced eBay into being more of a retailer of new goods than a source of fine second hand goods.
If eBay had not been pushed into being more like Amazon, their marketplace would be stocked with merchandise at great prices by sellers looking to turn over unwanted merchandise at great prices. Buyers would have flocked to eBay seeking bargains an slightly used goods in order to off set the impact of the recession on their wallets.
There was plenty of room for both new and used goods on eBay, however, Mr Donahoe chose to eradicate the “flea market” image.
In so doing, he alienated a significant base of customers, both buyers and sellers, and destroyed eBay’s once broad market appeal.
In truth, at even the reduced salary, Mr Donahoe is an incompetent overpaid suit who demonstrates little or no understanding of how to best position the eBay marketplace and appeal to a wide consumer base.
Instead of cutting his salary, the eBay Board should have cut their losses and terminated Mr Donahoe for the damage his failed vision inflicted on eBay’s business and reputation.
I’m not shedding any tears over his pay cut. He’s been rude and condescending to eBay’s own customers — THE SELLERS — while allowing buyers to scam and abuse those sellers.
He should be fired, not compensated.
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